The Real Deal New York

The 5 biggest price chops on luxury pads last week

Lenox Hill townhouse had the biggest reduction

October 28, 2016 07:00AM
By Miriam Hall

Clockwise from left: 245 Seventh Avenue, 61 West 69th Street, 58 East 66th Street and 336 West 12th street

Clockwise from left: 245 Seventh Avenue, 61 West 69th Street, 58 East 66th Street and 336 West 12th street

As the high-end residential market in Manhattan continues to drag, sellers of some of the city’s most expensive pads are slashing prices in an attempt to strike deals.

Data provided to The Real Deal by StreetEasy for the period between Oct. 17 and Oct. 23 show significant discounts for some primo pads priced over $10 million. The biggest cuts were on a Lennox Hill townhouse and a West Village townhouse — which saw chops of 12 and 10 percent, respectively.

Here’s a look at the five biggest price cuts for properties priced over $10 million last week:

58 East 66th Street

58 East 66th Street

58 East 66th Street
Previous Price: $29.5 million
Current Price: $25.9 million
Percentage Drop: 12 percent

Oui monsieur — this French beaux-arts townhouse sold for $17.15 million in July 2014, but just a few months later it was back on the market for $35 million.

Despite a handsome renovation, the fish weren’t biting and it’s been on and off the market several times since November 2014. Last week it was slashed by 12 percent from $29.5 million to $25.9 million.

Built in 1922, the townhouse boasts a limestone facade and spans 9,000 square feet. It has six bedrooms — each with their own ensuite — and five fireplaces. The entry features a vaulted ceiling and the new kitchen was designed by Christopher Peacock. An elevator goes to each floor and there is a south-facing garden and roof deck. Leighton Candler, Jennifer Garabedian and Bradley Comisar of the Corcoran Group TRData LogoTINY have the listing. None of the brokers responded to a request for comment. Its current owner is unknown.

336 West 12th Street

336 West 12th Street

334 West 12th Street
Previous Price: $24.5 million
Current Price: $21.9 million ($2,930 per square foot)
Percentage Drop: 10 percent

Accordant Energy CEO Lawrence Clark and his wife Jennifer first listed this restored West Village townhouse back in March for $24.5 million. After it failed to sell, the couple removed it from the market. It was re-listed in August, and last week the asking price dropped 10 percent. The 7,500-square-foot abode has six bedrooms, four bathrooms, its own carriage house and a horse walk. There’s also a bluestone outdoor patio area.

Built in the 1850s, the property underwent an extensive renovation in 2013. The five stories are connected both by a handcrafted elliptical staircase and an elevator. Randall Gianopulos and Stan Ponte of Sotheby’s International Realty have the listing. Both declined to comment. Clark and his wife bought the home for $11.6 million in 2008.

245 Seventh Avenue

245 Seventh Avenue

245 Seventh Avenue Penthouse, BC
Previous Price: $10.9 million
Current Price: $9.8 million ($2,525 per square foot)
Percentage Drop: 10 percent

This penthouse at the historic Chelsea Atelier building — converted to condos by Macklowe Properties in 1997 — was first listed in June for $11.5 million. It was reduced by 5 percent back in August. Last week the asking price was slashed again — this time by 10 percent. The 3,900-square-foot condo has more than 1,000 square feet of outdoor space. The master suite has a “spa inspired” limestone bathroom with heated marble mosaic flooring and towel bars. Douglas Elliman’s Ronald Lense, Chris Connor and David Lewandowski have the listing. Lense and Connor were not available, and Lewandowski declined to comment. The seller’s identity is not clear from property records

61 West 69th Street

61 West 69th Street

61 West 69th Street
Previous Price: $11 million
Current Price: $9.9 million ($1,776 per square foot)
Percentage Drop: 9 percent

After listing this Upper West Side five-apartment building back in August for $11 million, the owners are now offering a healthy 9 percent discount. It was once a full townhouse but has been remodeled to create five floor-through apartments. Each apartment in the building has wood floors, individual central air and gas fireplaces. The building itself is 5,600 square feet, and there’s also around 1,700 square feet of additional air rights. The building — which has an elevator — features rooftop and rear gardens. All of the apartments are currently used by the owner, and the property will be delivered vacant when sold. Charles Glatter of BSD Equities has the listing. Glatter was not available for comment. Records show the property is owned by an entity registered to Hilel Peled.

471 Washington Street

471 Washington Street

471 Washington Street Penthouse
Previous Price: $24.5 million
Current Price: $22.5 million
Percentage Drop: 8 Percent

This 7,137-square-foot penthouse in Tribeca may have been discounted, but it’s certainly got star-power. Kim Kardashian and Kanye West have called it their short-term home — compliments of Airbnb who rented the apartment to them in exchange for what we imagine is a few selfies and a hoodie.

The palatial pad, which has seven terraces across more than 4,393 square feet of outdoor space, comes with private rooftop swimming pool and panoramic views. Owned by hedge funder Harsh Padia, the apartment is accessed by a direct key-locked elevator and features a remote-motorized window shade system, designer lighting and spa baths. The building at 471 Washington Street has just 12 residences.

Padia listed the apartment in September last year for $29.9 million. It was removed from the market and then listed again in March for the slightly more subdued $24.5 million. Last week it was re-listed for the reduced price of $22.5 million. Andrew Azoulay of Douglas Elliman has the listing. Azoulay told The Real Deal that the reduction is because Padia has moved out and is now “more motivated” to sell the property. According to Azoulay, the high-end market is starting to improve. “People are making modest adjustments, rather than big drops,” he said.

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