Tribeca penthouse of reality-show fame available as $75k rental


It’s time for plan B for the penthouse of 11 North Moore Street in Tribeca. After nearly two and a half years on the market asking $30 million, the apartment is now being offered as a $75,000 a month rental.

On the latest episode of “Million Dollar Listings New York” we witness the apartment’s listing broker Fredrik Eklund begin to melt under the pressure of trying to sell the 7,000-square-foot, five bedroom penthouse — “the most stressful listing” of his career.

Unable to find anyone willing to pony up $30 million for the apartment, the building’s developer Zach Vella decided to buy the unit for himself — which basically means that Fredrik loses $900,000 in commission.

But perhaps not all is lost. Eklund is still listed as the broker on the new rental listing, so maybe he’ll get his commission yet.

  • ralphpetrillo

    $75,000 a month times 12 is $900,000 a year, take out a commission of $ 100,000 and owner makes $800,000 minus carrying costs, Possible annual profit of $600,000. Multiply by 25 and price should be $ 15,000,000, add a slight premium of 20%, and price should be $18 million . That is why it did not sell for $ 30 million. Get out before interest rates rise in the next three years.

    • david99696

      You assumed no vacancy. I’d have it lower. There’s only a finite number of elitist liberals stupid enough to buy these overpriced junkers.

  • vonMeiklund

    Have any of you actually visited Freddie’s listing and considered what your customer is being asked to spend on? Thought not. For one thing, while it may be a penthouse of 11 N. Moore consider it’s unimpressive elevation, proximity to the roof of an adjacent old coop and views that are not, ‘to die for,’ or drop $30 M for in comparative spend-offs.

    Consider that for the asking price you can land one of the premium spaces in the luxury Woolworth Tower with much better protected (i.e. higher) views and Cass Gilbert landmark cache with all that (expensive to maintain) terra cotta. If you have $30M to spend you can live at 150 Charles in a PH. So 11 North Moore is as off putting as its misnomer moniker – after all those of us who know our TriBeCa know that N. in “N. Moore” originally, and accurately stood for “Nathan.” No relation to Nathan Detroit, or Fredrik Eklund.

    As for the failure of multiples to support the commercial amortization formulae – that’s been true the whole of this luxury over-build saga- it’s part of the shell game that no one wants to get caught in if there is ever a major world-wide reset event like 1932-1972 in NYC real estate.