In just 6 months, The Patrick Lilly Team successfully sold two units at the famed Hit Factory at 421 West 54th Street, each breaking the previous price-per-square footage record for the D-line, the largest line in the building!
Formerly one of the best-known recording studios of all time, The Hit Factory has been transformed into a state-of-the-art, 27-unit residential condominium. 5D, a 3-bedroom, 3-bathroom unit, with an additional private parking spot and storage room, was listed by Patrick Lilly and Adie Kriegstein at the end of March. The first customer to see the apartment liked it and put in an offer based on the asking price. 5D was originally listed for $2,850,000, which, at the time was quite high for the building. Patrick and Adie were able to close on 5D after just 45 days for a price of $2,825,000, or $1,189-per-square-foot.
Shortly after 5D closed, Patrick and Adie received a call from the representative of the owner of 4D who, coincidentally, converted The Hit Factory. 4D was also sold with an additional parking spot and storage room, and was listed for $75,000 more than the record-breaking price of 5D just one floor above, although it lacked a few of the prime windows found in the other unit. The first couple who viewed 4D was a direct buyer and Patrick and Adie was able to complete the negotiations between parties so that the listing went into contract in less than a week. 4D closed a month later for $2,885,000,or $1,213-per-square-foot, settting yet another record for the D-line.