The Real Deal New York

Christian Candy sweetens penthouse deal by $9M

The developer's Plaza pad is now asking $49.95M

November 20, 2015 10:00AM
By Katherine Clarke

Christian Candy and his Plaza penthouse

Christian Candy and his Plaza penthouse

Christian Candy, the international developer best known for building luxe homes for the superrich, is slashing the price of his own personal pad at New York’s Plaza Hotel by $9 million.

Candy, who built London’s One Hyde Park, first put the Plaza unit on the market in 2013 with an ask of $59 million – quite the markup from the $25.92 million he paid for it just one year prior — but it failed to attract a buyer. Now, he’s lowered the asking price to $49.95 million and switched brokers in a bid to spur interest.

If the property sells for its current asking price, which equates to about $7,777 a foot, it will still set a record for the building. The Plaza’s priciest-ever deal is Russian composer Igor Krutoy‘s $48 million purchase of two adjacent pads in 2011.

The penthouse's price has been reduced to $49 million

The penthouse’s price has been reduced to $49 million

“The penthouse is now arguably the best value on the market considering the size, the quality of the renovation and the provenance of the world-renowned Plaza,” said Douglas Elliman’s Noble Black, who now has the exclusive listing for the apartment alongside his colleagues Tal and Oren Alexander.

The trio took over the listing from Brown Harris Stevens’ Louis Buckworth, Paula Del Nunzio and Arabella Greene Buckworth.

The property was previously on the market for $59 million

The property was previously on the market for $59 million

Candy’s apartment, which was designed by the developer’s in-house design firm Candy & Candy, is the only triplex at the property. It is positioned on the northeast corner of the building and boasts views of Central Park South and Fifth Avenue.

The 6,300-square-foot, four-bedroom pad includes 2,300 square feet of entertainment space on the 20th floor and a 1,000-square-foot master floor suite with a 31-foot-wide terrace.

Over the last 18 months, median prices at the Plaza were about $4,325 a foot, according to CityRealty.