Chelsea Penthouse Asking $22M Tops Manhattan Luxury

A penthouse at a Chelsea condo, where rapper Jay-Z and hotelier Andre Balazs once planned a hotel, led a slow week for Manhattan’s luxury market.

The 3,700-square-foot apartment at 345 West 14th Street, asking $22 million, was the priciest of just 17 homes in the borough asking $4 million more to snag inked deals between Feb. 17 and Feb. 23, according to Olshan Realty’s weekly report.

The total was the lowest for a post-President’s Day week since 2016 and marked a dip in the momentum building in Manhattan’s luxury market over the past four weeks. The number of signed contracts was down from 41 in the previous period.

The apartment nabbing the top spot hit the market earlier this month and has three bedrooms and two bathrooms. It also features four terraces and an outdoor kitchen.

Ryan Serhant and Christopher Prokop, an agent with his eponymous firm and a co-founder of the building’s developer DDG Partners, had the listing.

Amenities in the 37-unit building, known as 345meatpacking, include a doorman and fitness center.

The site was developed by DDG after Jay-Z, Balazs and their partners failed to deliver on their hotel promises following a protracted legal battle, according to the Wall Street Journal. The team, which bought the property for $30 million, defaulted on its $24 million mortgage and sold the debt to DDG in 2010.

Buyers at the 11-story condo include New York Rangers player Mats Zuccarello, who paid more than $3 million for a unit in 2015. The building was also home to Billy McFarland, the organizer of Fyre Festival, who was arrested in his apartment in June 2017.

The second most expensive home to find a buyer was the 48th floor at 430 East 58th Street, with an asking price of $16 million. The 4,800-square-foot home initially asked just under $20 million when the building, known as Sutton Tower, started marketing off floor plans in 2022.

The apartment has four bedrooms, three bathrooms and a dining room with views of the East River.

Corcoran Sunshine, led by Kristen Suh, is heading sales at the 120-unit building, which launched in 2023. Its amenities include a lap pool, infrared saunas and private dining room.

Of the 17 properties, 12 were condos, four were townhouses and one was a co-op.

The homes’ combined asking price was $150 million, which works out to an average price of $8.8 million and a median of $8 million. The typical home spent more than 830 days on the market and was discounted 9 percent from the original listing price.

The priciest homes to hit the market last week included a penthouse at 40 East 72nd Street, asking $25 million, and an apartment at Extell Development’s 50 West 66th Street asking $24 million, according to the Eklund-Gomes team’s weekly report.