The Real Deal New York

Walker Tower penthouse now $15M cheaper

London-based hospitality exec slashes price amid faltering luxury market

March 17, 2016 12:00PM
By Katherine Clarke

The penthouse apartment at Walker Tower

The penthouse apartment at Walker Tower

The buyer who set a Downtown Manhattan record when he paid $50.9 million for the penthouse condominium unit at Walker Tower is lowering his resale expectations after unsuccessfully trying to flip the apartment for $70 million.

Neil Moffitt, CEO of Hakkasan Group, a London-based hospitality firm, has now slashed $15 million, or 21.4 percent, off of the asking price, bringing it to $55 million. The unit had been on the market with its $70 million price tag for close to a year.

Listing broker Kamali Chandler of Sotheby’s International Realty was not immediately available for comment.

The unit has 360-degree views

The unit has 360-degree views

The nearly 6,000-square-foot, five-bedroom apartment comprises the top floor of the building, located at 212 West 18th Street in Chelsea, and has a south-facing terrace. Moffitt has reportedly never lived there.

The price cut comes amid a wave of discounts in the ultra luxury Manhattan market. More than 60 of the 550 Manhattan homes with asking prices of at least $10 million had their prices cut by at least 5 percent in the past 60 days, according to StreetEasy.

This rise in price cuts can be largely attributed to an uptick in the levels of high-end inventory on the market. There were more than 3,500 new development units for sale during the third quarter of 2015, up from more than 2,400 units during the same time in 2014, according to Corcoran Sunshine Marketing Group.

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