Sales prices at the Zaha Hadid-designed 520 West 28th in Manhattan underscore the booming appeal of the British-Iraqi architect a year since her death.
In the wake of Hadid’s sudden passing in March 2016 at the age of 65, real estate experts noted that developers and current owners of buildings she’s designed may see their assets increase in value much the same way the works by a great artist gain value posthumously. Closings have now begun at Hadid’s west Chelsea building, with slightly higher-than-listed prices a testament to the famed architect’s draw.
One of the first two units to close in the avant-garde building developed by The Related Companies was a two-bedroom that closed for $6.033 million, more than its $5.975 million listing price.
The 2,147-square-foot apartment has a large great room with an open kitchen that Hadid devised beside Italian kitchen systems company Boffi, and a south-facing balcony.
The other unit to officially sell was also a two-bedroom with similar specs but two floors higher. The home sold for $6.199 million. New York real estate site 6sqft was the first to report on the initial closings in the building.
Corcoran Sunshine Marketing Group began the sales operation in the 39-unit building in October 2015. It’s now preparing for the first move-ins this summer.
Nearly two-thirds of the building has gone into contract or closed since units began hitting the market. Two-bedrooms start at around $5.2 million—though judging by the prices so far, they may ultimately sell for more than that.
The biggest unit in the building, a two-story penthouse, is selling for $50 million and has yet to find a buyer since it went up for sale May 2016, according to listing records. The home is designed with five bedrooms and six bathrooms, plus a powder room. The unit spans more than 6,800 square feet and has an extra 2,500 square feet of roof deck and balcony space, according to floor plans from the developer.
Hadid was the first female architect to receive a Pritzker Award, the highest accolade in the field.
Greg Gushee, Related’s executive vice president, has called the sculptural building a “monumental piece of art.”
Mansion Global | July 2017