Ikea Buys Big Penthouse in Soho, Despite Losses in NYC Real Estate Market
Residential: Despite a loss in previous sale, an LLC purchases a penthouse in Lincoln Square for almost $18 million, making it the priciest residential sale in NYC.
The New York City real estate market has been struggling as of late, with sales and prices dropping across the board. However, that hasn't stopped Ikea from making a big purchase in the heart of Soho. In fact, the Swedish furniture giant has just made the priciest residential sale in the city.
The penthouse in question is located in Lincoln Square and overlooks the Hudson River. It was previously sold almost a decade ago for $19.7 million, but this time around an LLC paid just under $18 million for the six-bedroom, full-floor pad, making it a loss for the seller. The condo spans nearly 6,200 square feet and comes with a private elevator landing, 60-foot great room, and 100 feet of Hudson River frontage. Actress Kerry Washington even once rented the unit for $70,000 a month.
The seller of the penthouse was another LLC, and it's unclear why they decided to sell at a loss. However, the buyer saw an opportunity to snag a prime piece of real estate in a desirable location.
Despite the high price tag, this sale comes at a time when the NYC real estate market is struggling. Many buildings are offering discounts and incentives to attract buyers, and prices are dropping. It remains to be seen if this purchase by Ikea will be an outlier or if it signals a potential turnaround in the market.
One thing is for sure, though: Ikea is not afraid to make big moves in the real estate world.