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Rafael Viñoly’s Long-Delayed Luxury Condo Tower Begins Sales

Manhattan Luxury Market Outpaced Wider City Performance Last Year, Study Finds
The Greenwich by Rafael Viñoly in lower Manhattan has begun unit sales. (Michael Young)
The Greenwich by Rafael Viñoly in lower Manhattan has begun unit sales. (Michael Young)
CoStar News
March 19, 2024 | 8:44 P.M.

The Greenwich by Rafael Viñoly, a luxury condo tower that’s among the late architect’s final roster of notable projects designed for New York, has begun unit sales after a long delay.

The Greenwich, an 88-story, 912-foot-tall tower, began sales this week with occupancy and completion expected for later this year, the property’s development partners, Fortress Investment Group, Bizzi & Partners and Bilgili Holding, said in a statement.

The slender building, located at 125 Greenwich St. just south of the World Trade Center complex, features 272 units, from studios to three bedrooms, with additional suites of loft and penthouse residences with views of the Hudson River, Statue of Liberty and World Trade Center, the partners said. Pricing starts at $1.1 million for studios to $3.9 million for three-bedroom units.

The building features studios to three-bedroom units, with additional suites of lofts and penthouse residences. (MARCH)

Douglas Elliman Development Marketing is exclusively handling sales and marketing for the project.

The Uruguay-born Viñoly passed away in March 2023, reportedly due to an aneurysm.

125 Greenwich also features interiors designed by MAWD, which took its design cues from prior work on private members' clubs and the world’s superyachts. The building will have more than 27,000 square feet of indoor and outdoor amenities, 15,000 of which are located at the apex of the building over 800 feet in the sky, the partners said. That includes a 50-foot saltwater lap pool overlooking One World Trade Center.

Among the amenities at the top of the building is a 50-foot lap pool overlooking One World Trade Center. (MARCH)

The building’s sales debut is another example of lower Manhattan's transformation from a traditional financial district to a 24-7 live, work and play domain. For instance, nearby at 130 William St., the more than 60-story tower designed by British-Ghanaian architect David Adjaye, reported it was selling out, even as high mortgage rates and economic uncertainty have slowed New York property sales.

Manhattan’s luxury co-op and condo deals still look to be outpacing the broader market. The median price of Manhattan luxury co-op and condo sales last year rose 2.4% to $6.2 million, even as the number of sales fell 29%, according to a Douglas Elliman market study compiled by appraisal firm Miller Samuel. In contrast, the median price of New York’s co-op and condo sales in 2023 fell 3.8% to $1.1 million amid a 28% decline in the number of deals.

The building's marketing comes after financing setbacks and other challenges led to a delay a decade after a group including Bizzi bought the land with plans to build a condo tower, Bloomberg News reported.

For the Record

For Douglas Elliman, Stacy Spielman will take the lead as director of sales, with Andrew Anderson, Gail Sankarsingh and Victor Barbenès rounding out the team.

A joint venture between Time Square Construction and Plaza Construction is completing the project.

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