The Real Deal New York

The 5 biggest price chops on luxury pads last week

Price cuts continue as sellers adapt to softening market

October 05, 2016 12:20PM
By Miriam Hall

Clockwise from left: 215 East 12th Street, 323 West 74th Street, 319 East 51st Street, 104 Prospect Park West and 1965 Broadway

Clockwise from left: 215 E. 12th Street, 323 W. 74th Street, 319 E. 51st Street, 104 Prospect Park West and 1965 Broadway

Price cuts are still the order of the day in the sagging luxury residential market.

Manhattan luxury listings in the third quarter averaged a 2.9 percent discount, so it’s no surprise that data provided to The Real Deal by StreetEasy for the period between Sept. 27 and Oct. 2 shows significant price reductions on a handful of eight-digit pads. The biggest cut last week was a 25 percent discount on the “Kate Spade” townhouse in the East Village. Here’s a look at the other biggest chops in New York City for the week:

215 East 12th Street

215 East 12th Street

215 East 12th Street

Previous Price: $16 million
Current Price: $12 million ($2,400 psf)
Percentage drop: 25%

Listed for $16 million in June, the East Village townhouse dubbed the “Kate Spade House” was been snipped by $4 million last week. The 5,000 square-foot-townhouse boasts 15 rooms, an 1,100 square-foot garden and a roof terrace. Built in 1900, there are nine bedrooms, five bathrooms and a master suite with a dressing room and en-suite. The house is 25 feet wide, and can be expanded by another 5,000 square feet. Its owner is — you guessed it! — Pamela Bell, co-founder of Kate Spade. Farrah Kleiner of brokerage Sloane Square TRData LogoTINY has the listing.

323 West 74th Street

323 West 74th Street

323 West 74th Street

Previous Price: $16.95 million
Current Price: $14.99 million ($1,303 psf)
Percentage drop: 12%

Built in 1910 this 11,500-square-foot townhouse on the Upper West Side has nine bedrooms, five bathrooms and was first listed for $19.9 million in April 2015. The price was slashed several times and, at one point, it was removed from the market. The asking price was dropped again by $1.9 million in the past week. The six-story building boasts a wrought iron beaux-art front entrance, a restored bentwood staircase and an elevator. There’s two landscaped terraces and an eight-person hot tub. Designed by architect C.P.H Gilbert, the famous steel magnate Charles Schwab lived there between 1915 and 1917. It is also said to have been the “love nest” for the mistress of industrialist George Gould. The seller is listed in public records as businessman Van Velle. Maria Manuche from Compass has the listing.

319 East 51st Street

319 East 52st Street

319 East 51st Street

Previous Price: $14.5 million
Current Price: $12.9 million ($1,984 psf)
Percentage drop: 11%

This four-story townhouse in Turtle Bay was first listed for $14.5 million in May, and was chopped about a week ago. It spans 6,500 square feet and has five bedrooms and five bathrooms. There is a Thermador equipped chef’s kitchen, along with a 600-square-foot Japanese-inspired garden. The master bedroom has nine closets, and there’s a rooftop terrace. The townhouse last sold for $4.6 million in 2011 and its owners, hedge funder Timothy Greatorex and designer wife Deborah, spent time on a gut renovation. Howard Margolis, Marie Espinal and Jeff Adler of Douglas Elliman have the listing.

104 Prospect Park West (Brooklyn)

104 Prospect Park West

104 Prospect Park West

Previous Price: $11 million
Current Price: $9.8 million ($1,427 psf)
Percentage drop: 10%

First listed in late April for $11 million, this five-story Brooklyn townhouse in Park Slope received a discount of more than $1 million just under a week ago. It was owned by a single family for about 100 years until the death of patriarch Robert Makla in 2010. The new owners, financier Huw Richards and wife Erinn Kindig, paid $3.7 million for the house in 2012, and tapped architect Elizabeth Roberts to restore the home. Described as a gilded-era limestone mansion, it spans 6,900 square feet and was designed by the famous architect Axel Hedman in 1899. The house boasts five bedrooms, five bathrooms, a gym and roof deck, as well as a 1,500-foot long parlor and library. Alexander Maroni of Douglas Elliman has the listing.

Penthouse 3BC, 1965 Broadway

Penthouse 3BC, 1965 Broadway

Penthouse 3BC, 1965 Broadway

Previous Price: $29.9 million
Current Price: $27.5 million ($3,395 psf)
Percentage drop: 8%

This penthouse at the Grand Millennium building on the Upper West Side has been steadily discounted since debuting on the market in September 2014 for $42 million. Last week it was dropped to $27.5 million, the third price chop in two years. The three-story penthouse owned by hedge funder Adam Zoia has three entrances and spans 10,100 square feet of indoor and outdoor space. It has 16 rooms, including eight bedrooms, nine full bathrooms and two kitchens. There are also two landscaped, irrigated terraces. There’s a free-floating, four-sided bronze and glass fireplace and a drop-down movie screen. Andrew Azoulay of Douglas Elliman currently has the listing.

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