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Ceramics Tycoon's Giant Tribeca Penthouse Lingers On Market

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Location: New York, N.Y.
Price:$28,000,000
The Skinny: High atop an 1860s warehouse that once housed ammunition for the Remington Arms Company and, later, champagne bottles for G.H. Mumm Company, this five-story penthouse is more like a townhouse in the sky than an apartment. Initially occupying three new stories—tacked on to the existing structure in 2000 as part of a renovation—the huge condo was later expanded by architect Andrea Ballerini through a combination with a lower unit to form a gigantic 11,000-square-foot apartment. Current owner Edward Bazinet, a Wisconsin-based ceramics tycoon, purchased the place following that renovation in 2001 for $13.5M. By the spring of 2006, Bazinet had grown tired of his palatial pied-a-terre and tossed it on the market, unaltered, for $28.5M. In 2010, to mark its fourth anniversary on the market, the price was dropped by $500K, but it has gone another two years without selling and without a price chop. Bazinet must be enjoying the place while he waits for the right buyer to come along.
· TriBeCa Penthouse Masterpiece [Sotheby's International Realty]
· Blockbuster Tribeca Penthouse Tries Doubling Its Money...Again! [Curbed NY]