$8 Million Chelsea Penthouse Drops Price to Woo Buyers

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

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

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

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.