$8 Million Chelsea Penthouse Drops Price to Woo Buyers

By Mathew Katz on November 30, 2011 5:32pm 

The glass outside of the Chelsea Modern, which is still looking to sell a $8 million luxury apartmnt.
The glass outside of the Chelsea Modern, which is still looking to sell a $8 million luxury apartmnt.
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Chelsea Modern

CHELSEA — Four bedrooms, two terraces, a private 1811-square-foot roof deck and a motorized glass skylight — all this could be yours tomorrow, if you've got a cool $8 million to drop on a luxury Chelsea condo.

Developers are still looking to sell the $7,965,000 four-bedroom, 4.5-bathroom penthouse in the Audrey Malock-designed Chelsea Modern at 447 W. 18th St. Plan B is to sell the penthouse as two apartments for a discounted $3,995,000 each.

They've had little luck moving the 3,886-square-foot penthouse since the building was finished in 2008, and have started a renewed marketing push to sell out the building, including a cocktail event on Tuesday.

The penthouse apartment has been marked down several times, and was listed for $8.19 million in October. Roughly 85 percent of the building has already been sold, including one unit sold to fashion designer Christian Cota

Taking out a mortgage on the luxury condo would coust roughly $38,216 a month, according to Streeteasy.com's mortgage calculator. Common charges for the penthouse run at $4,176.60 per month and real estate taxes are $799.80 per month.

In total, five apartments are left in the 12-story, 47-unit boutique condo building, including three $4 million penthouses and one $2.3 million one-bedroom loft.

Each apartment features a whole host of designer-name accoutrements, including appliances by SubZero and Miele, a Bianco sink, and a Phillipe Starck-designed free-standing bath tub. There's a Grohe 'rain shower,' too.

All residents have access to a chic private outdoor garden which includes a fountain, a rock garden, Japanese maple trees, and, of course, a reflecting pool.

All of the apartments are available for immediate occupancy at the building's website.

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