Oscar-winning actress Gwyneth Paltrow and rocker Chris Martin have closed on the purchase of a three-bedroom penthouse unit in Manhattan's TriBeCa neighborhood for $5.1 million, and reportedly have gone to contract to sell their 8,442-square-foot condo in the same area, which had been listed for $14 million.

Public records show that Paltrow, 34, and Martin, 30, closed in mid-March on the penthouse at 416 Washington Street in TriBeCa, which is in the River Lofts development. Through their Orchard House LLC company, they paid $5.1 million for the three-bedroom penthouse, which is in a restored, 19th-century red brick Richardson Romanesque warehouse that is one of the two buildings in the River Lofts development. The unit also is one of three penthouse units in the building. Check out the unit's listing sheet here. Features in the unit include three and a half baths, a library, a gallery, a study, a fireplace, 3,892 square feet of indoor space and 587 square feet of outdoor space on two decks.

Also, the New York Post's fine real estate columnist Braden Keil recently reported that Paltrow and Martin have gone to contract to sell their 12-room, 8,442-square-foot condo in TriBeCa after listing it for $14 million. They purchased that unit, at 13 Harrison Street, through their Orchard House LLC company in 2005 for $7.95 million, according to public records. Renovated by architect Annabelle Selldorf in the late 1990s and located in a two-unit building, Paltrow and Martin's condo has a terrace and an open loftlike style, according to news accounts. The three-floor unit also has six bedrooms, four and a half baths, a skylit living room, a gourmet kitchen, an exercise studio, 1,600 square feet of landscaped terraces, an irrigated rooftop garden, a separate planted terrace off the family room, an elevator, several wood-burning fireplaces, a high-tech security system and three laundry rooms.

Keil wrote that the buyer of Paltrow and Martin's condo in TriBeCa is "said to be a Wall St. banker."

Check out a cached version of the listing sheet for Paltrow's unit here.

Paltrow and Martin's new condo in the River Lofts development is their third purchase in the last two years in the New York area. Last summer, their Orchard House LLC company paid $5.4 million for a 6,800-square-foot mansion on 2.25 acres at 35 Old Montauk Highway in Amagansett, N.Y. out on Long Island. That five-bedroom, 7.5-bath house has nanny's quarters, ocean views and a large pool, and had been listed for $6.5 million.

Check out our previous coverage of Paltrow's New York-area real estate dealings here.