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New York

Apollo’s Marc Rowan slices another $1M off price of Fifth Avenue co-op

Private equity mogul is now asking $18.5M

Marc Rowan (credit: Getty) and 927 Fifth Avenue (left credit: Brown Harris Stevens)
Marc Rowan (credit: Getty) and 927 Fifth Avenue (left credit: Brown Harris Stevens)

It seems even billionaires like Apollo Global Management co-founder Marc Rowan are having to adjust their price expectations amid an oversupply in the luxury residential market.

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The private equity mogul slashed the asking price of one of his co-op units at 927 Fifth Avenue by an additional $1 million, bringing it to $18.5 million, according to StreetEasy. It was first listed for sale last year for $22 million.

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Rowan and his wife Carolyn bought the ground-floor unit for just $7.7 million in 2012, records show. It was the third apartment they’d purchased in the building. Their previous purchases included a fifth-floor spread they bought for $26 million in 2013.

The three-bedroom, 3.5-bathroom ground-floor unit was previously home to a plastic surgeon’s office, but has been completely redone as a high-end apartment designed by Tony Ingrao. It comes with a billiards table and a glass and matrix stone bar.

It’s listed by Juliette Janssens and Allison Koffman of Sotheby’s International Realty [TRDataCustom], who were not immediately available for comment.