Three adjacent lofts at 62 Wooster Street in Soho have been listed as a combined $72 million offering, marketed as a 'vertical mansion' spanning multiple floors. The unusual bundling strategy comes as the individual units have struggled to attract buyers in a cooling luxury market.
The 12,000-square-foot assemblage, listed by developer Jeff Greene, combines three separate condominium units into a single residence. The property sits in a historically desirable area, though the luxury segment has seen softening demand and longer selling times in recent months.
Mortgage rates hovering near multi-year highs have further strained buyer purchasing power in the upper tier. While all-cash buyers dominate this price bracket, the broader rate environment has dampened sentiment and transaction volumes across Manhattan's luxury residential market.
The listing highlights the tension between seller expectations and market reality. Sellers who acquired units during the peak may face difficult decisions, while buyers sense increased negotiating leverage. Inventory levels in the ultra-luxury segment have risen, giving buyers more options.
Some brokers question whether the 'vertical mansion' concept is a genuine innovation or a sign of desperation. With no recent comparable sales at this price point in the immediate area, pricing validation remains uncertain. The outcome could signal whether such creative packaging can unlock liquidity in a sluggish market.