The Real Deal New York

What Ailes him: Rupert Murdoch’s $72M One Madison PH off the market

News Corp. mogul bought the pad for $58M in 2014

July 29, 2016 05:00PM
By Katherine Clarke

One Madison and Rupert Murdoch

One Madison and Rupert Murdoch

Rupert Murdoch can’t seem to decide where he wants to live.

The billionaire media titan, who heads News Corp. and Fox News, has removed his trophy penthouse at One Madison from the market, more than a year after listing it for $72 million.

The apartment disappeared from listing website StreetEasy this week without explanation. Listing broker Dolly Lenz TRData LogoTINY declined to comment.

The move comes on the heels of the sale of another Murdoch property, a West Village townhouse at 278 West 11th Street. Murdoch, who recently married former model Jerry Hall, sold that property for $27.5 million just a year after purchasing it.

278 West 11th Street

278 West 11th Street

The decision to hang on to the Madison property also comes amid what many have deemed an oversupply of luxury product in the Manhattan market, which has put downward pressure on prices and increased the time it takes to sell a high-end property.

Residential properties priced at $4 million and up lingered on the market for an average of 277 days during the first six months of the year, up from 232 days during the same period last year, according to data from Olshan Realty. They also had their prices slashed by an average of 7 percent from their initial listing prices before finding a buyer, compared to an average discount of 4 percent last year.

Murdoch’s five-bedroom apartment, perched high above Madison Square Park, has 7,600 square feet of interior and exterior space, a private elevator and a sweeping staircase. Residents of the building, at 23 East 22nd Street, also have access to an indoor pool, a glass-enclosed steam room, a fitness center, and a screening room.

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