Second (and most expensive) of three penthouses at 550 Vanderbilt finally sells, for $6.7 million, a 13% discount; another sponsor unit sells, leaving just one left (so sponsor remains in control)

Nearly seven years after the 550 Vanderbilt condo building launched pre-sales for the 277 apartments (plus a super's unit), developer Greenland Forest City Partners is nearly at a sellthrough, thanks to the sale of the most expensive listed apartment plus one of the other two remaining units.

The second of three penthouses, Penthouse South, has sold for $6.7 million, a 13.2% discount off the $7,715,000 asking price/offering price. (The first penthouse to sell, Penthouse West, sold for a 14.7% discount, as I reported.)

The sale, with mention of the list price but not the contract, was cited in the 1/7/22 Marketproof column in amNY. It was then updated with the closing price in the 4/7/22 Marketproof column.

The buyer of Penthouse South, by the way, is already an owner in the building, and is now selling Unit 1619 for $2,675,000, after buying it in May 2019 for $2,370,288.

Another unit sells

Subsequently, Unit 1601, a two-bedroom once offered at $2.33 million, has now, according to StreetEasy, been sold for $1,960,000, after being listed for $1,995,000. 

So, while it appears to be a minor discount off the listing price, it's actually 15.6% off the offering price.

One left, allows sponsor control

Beyond that, Penthouse East has been up for sale at $5 million, a 13.9% discount from the $5,805,000 offering price. It was listed for rent in September 2020 for $15,000/month, with one month free, and was delisted less than a month later.

So, given that it's not currently on the market, it may have a tenant.

Will it ultimately be sold, or kept off the market? 

As I wrote in December 2021, as long as one sponsor-owned unit remains unsold, sponsor Greenland Forest City Partners can retain control of the condo board.

An unsold residential unit means it retains one of the four board seats designated by the Residential Unit Owners. Then, as owner of the three Retail Units--a tiny fraction of the building's overall value--the sponsor controls three more seats.