THE WALL STREET JOURNAL. Friday, February 28, 2020 |M3
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three floors. One is raw space, while
the other has been built out as a
three-bedroom unit. Mr. Eichner said
he believes the buyer plans to keep
the units separate.
The sale brings the
East 22nd Street
building to over 90%
sold, Mr. Eichner
said. It’s taken more
than four years to get
to that point, as the
New York luxury mar-
ket suffered amid an
influx of new condo
inventory.
Overlooking Madi-
son Square Park, theTwo trophy penthouses in a nearly
800-foot-high new-construction tower
in Manhattan have finally sold after
several years on the market.
At Madison Square Park Tower in
the Flatiron District, the two top
penthouses, as well as two studio
apartments on a lower floor, have
sold in a deal totaling approximately
$45 million, according to Ian Bruce
Eichner, the building’s developer. Mr.
Eichner declined to comment on the
buyer, but another person familiar
with the deal said the purchaser is a
high-net worth individual from Asia.
Most recently listed for a combined
$52 million, the two penthouses span
roughly 13,000 square feet acrossTwo New
York City
Penthouses
Finally Sell
to do it after he retired in 2005.
“This is not just a house. This
is like a Picasso Cubist painting,
very important and very rare,”
Mr. Sachs said.
Across the three levels, every
room has an ocean view. The
lower level has three bedrooms,
the middle floor has the kitchen
and living room area and the up-
per level has the master bedroom.
While it’s primarily a residence,
the home was also designed to
function as a gallery-like space to
display Mr. Sachs’s extensive con-
temporary art collection and has a
warm feeling despite the concrete,
said Ron Radziner of Marmol
Radziner, the local architecture
firm that worked with Mr. Ando
on the design.
Mr. Radziner traveled to Japan
several times to see Mr. Ando’s
work and learn about his use of
concrete as they worked on the
house, he said.
Mr. Ando is perhaps best
known for designing projects such
as the Church of the Light in his
native Osaka. In New York, he de-
signed a high-end condo building
in Nolita, at 152 Elizabeth Street.Sitting right on the beach in
Malibu, Calif., a distinctive con-
crete home designed by Pritzker
Prize-winning Japanese architect
Tadao Ando is coming on the
market for $75 million.
The home is
a rare offering;
there are just a
handful of pri-
vate homes de-
signed by Mr.
Ando in the
United States.
The modern
three-story
house extends
from the road and juts over the
ocean, with pillars supporting it
from beneath. In keeping with Mr.
Ando’s propensity for using heavy
reinforced materials, the property
required 1,200 tons of concrete,
200 tons of steel and 12 massive
pylons driven more than 60 feet
into the sand, according to one of
the listing agents, Tyrone McKil-
len of Compass.
The owner, former Wall Street
heavyweight Richard Sachs, said
he’d long dreamed of building an
Ando house and finally made movesJapan-Inspired
Beach House Lists
ROGER DAVIES (2)
roughly 80-unit building has a full-
time doorman, a large gym and yoga
studio and a library.
Mr. Eichner assembled the site over
several years and started sales in- Amid the stagnating luxury
market in New York, he bought more
time to sell out units with a $167.5
million inventory loan from Madison
Realty Capital in 2018, he said.
Other develop-
ers who are only
beginning the
sales process will
have a harder
time, he said.
“There’s a gen-
eral perception in
the buying com-
munity that everything is overpriced
and there’s plenty of it,” Mr. Eichner
said. “The people who have the
money to afford these units are so-
phisticated. When they ask their ad-
visers what they think, they’re asking
them, ‘How comfortable are you
catching a falling knife?’ ”
Mr. Eichner said he has “no plans
to do another residential condomin-
ium in New York for the foreseeable
future.” He is working on a rental
project in Brooklyn’s Crown Heights
neighborhood, with half of the units
set aside for affordable housing.
Noble Black and Holly Parker of
Douglas Elliman were the listing
agents, according to StreetEasy. The
Corcoran Group represented the buyer.
—Katherine Clarke
An entrepreneur tries to break an-
other record in Philadelphia.M14SOLD$45
MILLION
A combined
13,000 sq. ft.While he has designed muse-
ums, offices and shopping centers,
he has worked on a number of
significant homes. One of his first
commissions
wasinthelate
1970s for a
small row
house in
Osaka, known
as Azuma
House. He won
the Pritzker
Prize in 1995.
This prop-
erty has roughly 4,000 square feet
of interior space and 1,500 square
feet of outdoor decks and was
completed in 2013 after about
seven years of planning, permit-
ting and construction, Mr. Sachs,
59, said. He had purchased the
land in 2003.
Mr. Sachs said he’s selling with
“huge regret.” But he doesn’t
spend as much time there as he
should, since he’s mostly on the
East Coast, he said.
Mr. McKillen is listing the prop-
erty with Branden Williams and
Rayni Williams of Hilton & Hyland.
—Katherine ClarkeFOR SALE$75
MILLION
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