The Real Deal New York

Listings that fizzled: A look at 10 of the priciest lingerers

Breakdown of properties over $15M that have been for sale for a year -- and counting

October 22, 2014 01:40PM
By E.B. Solomont

fizzle

Clockwise from left: 21 East 61st Street #15A, 452 Greenwich Street, 20 West 53rd Street #45, and 20 West 53rd Street

Luxury apartments don’t always sell like hotcakes.

“Every broker in New York has had a listing that lingers and you don’t know why sometimes,” said Leonard Steinberg, president of Urban Compass, who said it takes time to find the right buyer. And of course, he said, “There’s good buzz and there’s bad buzz.”

Take the penthouse at Brooklyn’s 1 Main Street, the Clock Tower building. Despite celebrity interest – Jay-Z and Ralph Lauren reportedly checked out the triplex — the $18 million unit (down $7 million from its original price in 2009) has yet to sell.

Indeed, in the age of reality TV shows like Bravo’s “Million Dollar Listing New York” and HGTV’s “Selling New York,” the free press isn’t always a cure-all.  “Often the real estate is just the backdrop to a human drama and it’s seen and forgotten pretty quickly,” Steinberg said.

Below are the top 10 listings, priced above $15 million, that have been on the market for a year or more, according to StreetEasy data.

From left: Steven Klar and the City Spire listing

From left: Steven Klar and the CitySpire listing

1. 150 West 56th Street. Asking price: $100 million

Steven Klar’s triplex penthouse at CitySpire has been on the market 520 days, according to StreetEasy, with a current eye-popping asking price of $100 million. Last year, the Long Island real estate developer took the listing from Douglas Elliman’s Raphael De Niro and decided to try selling it himself via his own Klar Realty. But industry sources are skeptical he’ll find a buyer willing to pay the full price. (520 days on market)

95m

The penthouse at The Pierre

2. 795 Fifth Avenue. Asking price: $95 million

The penthouse at The Pierre has been on and off the market since 2004 – most recently listed at $95 million. The 16-room home, owned by the widow of late financier Martin Zweig, was previously listed in April 2013 for $125 million by Sotheby’s agents Elizabeth Sample, Serena Boardman and Brenda Powers. The apartment was listed for $70 million in 2004, but was pulled from the market when the downturn hit. (568 days on market)

60m

Full-floor penthouse at the Baccarat

3. 20 West 53rd Street. Asking price: $60 million

Starwood Capital put the duplex penthouse at its new Baccarat Hotel & Residences in Midtown on the market in February 2013. The 7,381-square-foot pad is one of 61 condo units overall. Corcoran Sunshine Marketing Group has been tapped to sell the apartments at the 46-story building. (593 days on market)

From left: The exterior of 56 Leonard and inside the penthouse

From left: The exterior of 56 Leonard and inside the penthouse

4. 56 Leonard #PH58. Asking price: $34.5 million

The full-floor penthouse at the Herzog & de Meuron-designed tower, developed by Alexico Group and Hines, has been on the market 582 days and has undergone six price increases during that time, according to StreetEasy. Initially priced at $25.5 million in March 2013, the ask was raised to $26 million, then $29 million, then $31 million and $33 million before the latest price increase – a 5 percent jump to $34.5 million – in July. Corcoran Sunshine has the listing. (582 days on market)

Corcoran's Tamir Shemesh and 80 Columbus Circle #73C

Corcoran’s Tamir Shemesh and 80 Columbus Circle #73C

5. 80 Columbus Circle #83C. Asking price: $25 million

Russian oligarch Oleg Baibakov first listed the 3,168-square-foot apartment at the Mandarin Oriental for $25 million in 2012, after buying the apartment for $13.5 million in 2007. After initially listing the condo with Douglas Elliman’s Dennis Mangone, Baibakov gave the listing to Tamir Shemesh of Corcoran. (913 days on market)

24.5m

60 Warren Street is one of the oldest listings in NYC

6. 60 Warren Street Asking price: $24.5 million

Edward Bazinet’s five-story penthouse holds the distinction of being one of the city’s oldest listings, having spent 1,565 days on the market. The penthouse was first listed for $28.5 million in 2006, but was pulled off the market a year later. It was relisted for $28 million in 2010 before the price was cut to $24.5 million in 2012. Stephen McRae of Sotheby’s has the listing. (1,565 days on market)

24m

Full-floor residence at the Baccarat Hotel & Residences

7. 20 West 53rd Street #45. Asking price: $24 million

The 4,545-square-foot, full-floor residence hit the market in March 2013 at $23.5 million, only to see the price creep up to $24 million later that year. Corcoran Sunshine Marketing Group has been tapped to sell the 61 units at the Baccarat Hotel & Residences. (576 days on market)

21.5m

This two-floor unit has been on the market for two years

8. 969 Fifth Avenue, floors 11 and 12. Asking price: $21.5 million

Spanning two full floors overlooking Central Park, the apartment has spent two years on the market, after it was originally listed at $25.7 million. Now, the asking price is $21.5 million. The current owners paid $16.5 million in 2008. Douglas Elliman’s Raphael De Niro has the co-exclusive listing with Brown Harris Stevens. (682 days on market)

21m

12-room co-op at the Carlton House

9. 21 East 61st Street #15A. Asking price: $21 million

The 12-room co-op at Extell Development’s Carlton House has spent 567 days on the market. In July, the Carlton House’s $65 million penthouse reportedly found a buyer. (567 days on market)

19.5m

Four-story Tribeca townhouse

10. 452 Greenwich Street. Asking price: $19.5 million

Asking $19.5 million, the four-story Tribeca townhouse is poised to reap big rewards for owner Sean McCarthy – once it sells. The townhouse was originally listed at $24.5 million. McCarthy bought the six-bedroom home for $5.65 million in 2003, and invested in a major renovation, adding a chef’s kitchen, rooftop garden and 2,500-bottle wine room. Previously, the home sold for $1.5 million in 1999 and just under $500,000 in 1998. Brown Harris Stevens’ Paula Del Nunzio has the listing. (579 days on market)

  • Tyrannosaurus Rex

    The market speaks: Sometimes it’s better to man-up, absorb your losses. and move on!

  • Zayne Savall

    From $500k to $19.5m in only sixteen years. Amazing.

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