March 29, 2005 01:20 PM

Mary-Kate and Ashley Olsen are selling their $7.3 million Manhattan apartment – even though they’ve never lived in it, PEOPLE has learned.

The twins’s rep, Michael Pagnotta, confirmed the story. “It turned out to be too much space, along with the fact that the renovation was going to take far longer than anyone expected,” says Pagnotta, “It just didn’t make sense anymore. Their needs changed in terms of their living situations.”

The Olsens, who both attend New York University, bought the 6,000-square-foot penthouse in Manhattan’s trendy West Village before moving to New York. Prior to moving in, they planned extensive renovations on the new apartment.

Ahsley (left) and Mary-Kate Olsen

“The school year is coming to the end and they might not be around to supervise the renovations and it just didn’t make sense,” Pagnotta adds.

As for reports that Mary-Kate will not return to NYU, Pagnotta says: “It’s absolutely not true. She will continue to be enrolled in NYU in the fall. They both will continue to be enrolled in the fall.”

In January, the twin moguls decided to spend their second semester in their own individual digs. Mary-Kate moved out of the pair’s three-bedroom Tribeca apartment and into a spacious loft in Soho. Ashley remained in Tribeca.

At the time, renovations of their penthouse were still being done, but the siblings still planned to move into the pad when it was completed. Now, it will be put on the market and sold in move-in condition, without renovations.

In January, Pagnotta also shot down tabloid reports suggesting that there was a rift between the sisters: “They are as close as ever. There’s no problem between them They share a lot of interests but they also do a lot of things separately.”

In addition to their academic studies, the 18-year-old media moguls recently appointed a new CEO to head their company, and they just launched a home furnishings line and two new fragrances.

As for Mary-Kate’s health, Pagnotta says, “Mary-Kate is doing okay and is focused on finishing up the school year.” She also has been spotted around town with her new friend, a chocolate lab named Luca. “She just liked the name,” Pagnotta adds.

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