Luxury condo tower in NYC, home of Succession’s Kendall Roy, has slashed prices by as much as FIFTY PERCENT
An ultra-exclusive condo tower in the heart of Manhattan’s elite real estate market has been forced to sell apartments at up to 50 percent off after struggling to lay off its lavish units.
Despite being viewed by millions as the home of Succession’s Kendall Roy, the hit show has done little to boost sales at 35 Hudson Yards.
The Hudson Yards neighborhood was conceived ten years ago by developer Related Companies to attract high-profile residents from all over the world.
But while many complain that the skyscraper-filled city is lifeless and dull, Related is now offering multimillion-dollar apartments for a fraction of their value.
The posh 35 Hudson Yards was meant to be one of the most luxurious condo towers in NYC
One of the apartments that starred in the hit show Succession (pictured) recently sold for $35 million
Decades ago, the Hudson Yards area was known as a ghost town, with the livelier neighborhoods of Hell’s Kitchen and Greenwich Village drawing larger crowds within walking distance.
Seeing his promise, Related took the space to try and turn it into a new home for the city’s elites, building two towers, 15 and 35 Hudson Yards, with the intention of becoming the “new Park Avenue.” become.
But the grand designs have since leveled off, with about 50 percent of units in 35 still unsold as of the last week of June, according to the Wall Street Journal.
The poor sales come more than four years after luxury high-rise apartments hit the market, leading Related to offer units at a fraction of their eye-watering values.
Recorded sales in June averaged 30 percent lower than their original prices, while some active listings have been discounted by up to 50 percent. Notably, the same deals are not offered in the 15 tower, where sales were much better.
To entice residents to the 35 Tower, potential residents are also offered a variety of rare amenities, including covering buyer taxes and closing costs.
The development has seemingly been disastrous for Related, which signed a roughly $1 billion lease with the Metropolitan Transportation Authority in 2010 to begin construction.
As of June 2023, the company still has over a billion dollars worth of condos for sale at Hudson Yards.
Conceived as Manhattan’s “new Park Avenue,” Hudson Yards attracted the wealthiest home seekers in the world. The 35 Hudson Yards apartment is on the left
Hudson Yards is known as one of Manhattan’s most luxurious neighborhoods, but its glass skyscrapers have made it feel lifeless and dull to some.
The penthouse apartment rose to fame in the third season of the HBO show Succession, serving as Kendall Roy’s base. Actor Jeremy Strong is pictured on the roof of the show
While many in New York dream of landing one of Hudson Yards’ exclusive condos, some have blamed the poor sales for more than just the daunting cost.
The area has barely earned a reputation as a party town, with the plethora of office spaces, high-end designer shops and expensive restaurants doing little to bring it to life.
Notably, much of the area’s low-key nature was on purpose, as elite residents look for an easier commute compared to nearby Times Square. To reinforce this, Related even pays for a private security company to guard Hudson Yards.
And while the noise-canceling glass skyscrapers haven’t helped sales, the area’s Vessel structure—once one of its main selling points—is another eyesore.
The $200 million statue has seen several suicides since it opened in 2019, and it remains closed as officials try to figure out how to safely return it.
The structure of the ship in Hudson Yards has become an eyesore, as it remains closed after a series of suicides. The 35 Hudson Yards building can be seen behind it
Hudson Yards was filled with designer shops and high-end restaurants to lure elites, but some have complained that it lacks the atmosphere needed to attract housing seekers
For residents looking to sell and realtors struggling to sell, the lush area issues are starting to hurt their wallets as well.
Ann Cutbill Lenane, a real estate agent with Douglas Elliman who lives in a $4.84 million apartment at neighboring 15 Hudson Yards, has had several properties in the two buildings but says she will now lose a lot.
With her children out of the house, Lenane wants to sell, but knows she will suffer a great loss if she says goodbye to the unit.
As a real estate agent, she said she was embarrassed to lose money on real estate, but added, “I can’t beat myself up… You always take a risk when you get into a new product.” That’s just the nature of the beast.’
“It’s a very dramatic area that came out of nowhere,” Manhattan realtor Donna Olshan told WSJ. ‘It’s high-rise, commercial real estate and a shopping mall. It has less of a residential feel.’
In New York’s hostile housing market, where rents fluctuate wildly, the massive cutbacks of 35 Hudson Yards are striking.
“The actual housing market is nowhere near that kind of discount,” said Jonathan Miller, an appraiser at Miller Samuel.
The penthouse apartment of the building, home of Kendall Roy in Succession, sold in September for $35 million
Four years after the luxury apartments came on the market, half of them are empty
The master bedroom has an en-suite bathroom with a wet bar, dual dressing rooms and bathrooms with windows and deep soaking tubs
This private yoga and meditation room in the penthouse has high walls with a metal structure, central light and modern furniture
The penthouse’s 10,171 sq. ft. make for spacious and private rooms, such as this storage recreation room housed to simulate a golf course
The fitness center with a stretching and yoga studio, serene meditation room at The Equinox Hotel
In September, the lavish skyscraper made headlines when the penthouse apartment sold for $35 million to a mysterious buyer.
The unit was Kendall Roy’s on-screen home on HBO’s Succession, and was originally listed for $59 million before falling due to general lack of interest.
It boasts some of the most lavish amenities money can buy, not least of which is the scenic views it offers of the World Trade Center and the Statue of Liberty.
The five-bedroom condo has a sprawling 10,171 square feet with a 454-square-foot outdoor deck, the tallest private perch in Manhattan when it was built.
While many may consider the penthouse an unattainable dream, the developer is reportedly planning to build a casino in the area that some residents warn could attract an unwanted crowd.
In response to criticism of the casino plan, Related said in a statement: “If we are lucky enough to be one of the successful bidders for a gambling license, we will deliver a world-class resort with amenities, dining, shopping and entertainment that will taking the offer at Hudson Yards even further to a higher level and making the experience for the neighborhood, residents and office tenants even greater than it is now.’