The Real Deal New York

The biggest price cuts on luxury pads last week

Jackie O’s childhood home received the biggest reduction

November 23, 2016 10:00AM
By Miriam Hall

Clockwise from left: 20 West 53rd Street, 980 Fifth Avenue, 55 West 90th Street and 740 Park Avenue

Clockwise from left: 20 West 53rd Street, 980 Fifth Avenue, 55 West 90th Street and 740 Park Avenue

Looking for a presidential pad steeped in history, but don’t want to break the bank? Well, that isn’t happening. But you can find a former First Lady’s childhood abode for a bit of a discount.

This week, the biggest price reduction on a luxury property was at the 740 Park Avenue duplex where a young Jacqueline Bouvier lived with her parents in the 1930s. Last week, the Rosario Candela-designed duplex was slashed from $32.5 million to $29.5 million, a reduction of 9 percent.

It wasn’t the only pricey pad to receive a reduction last week, although there were fewer properties with slashed asking prices than in previous weeks.

In total, four properties in the over-$10 million market were discounted by more than 5 percent in the period from Nov. 11 through Nov. 21, according to data provided by StreetEasy. Here’s a look at the biggest price cuts in New York City’s luxury market last week:

740 Park Avenue, 6/7A

740 Park Avenue, 6/7A

740 Park Avenue, 6/7A
Previous Price: $32.5M
Current Price: $29.5M
Percentage drop: 9 percent

The owner of this palatial duplex, Hedge fund manager David Ganek, had high hopes that this property would fetch top dollar. In 2014, not long after Ganek dropped $28 million on a condominium at Jared Kushner’s TRData LogoTINY Puck Building in Soho, the financier and his novelist wife Danielle listed the duplex for $44 million.

But apparently buyers weren’t moved by the co-op’s links to Jackie O, at least not enough to shell out $44 million. In April, the price was dropped to $32.5 million. It was reduced again last week, and is now asking $29.5 million.

The two-floor unit has preserved its 1920s-era architecture. It features four bedrooms, four bathrooms, a “baronial” living room (yes, fit for a baron!), a marble gallery, a library and multiple staff rooms.

Tal Alexander and Oren Alexander of Douglas Elliman have the listing, along with Serena Boardman and Jeremy Stein of Sotheby’s International Realty. Boardman and Tal Alexander declined to comment.

20 West 53rd Street, 47

20 West 53rd Street, apartment 47

20 West 53rd Street, Apartment 47
Previous Price: $23.8M
Current Price: $22M ($4,827 per foot)
Percentage drop: 8 percent

This four-bedroom pad at Tribeca Associates and Starwood Capital Group’s Baccarat Hotel and Residence was listed in December 2014 for $27 million. In August, the listing was taken from Corcoran and given to Douglas Elliman, and the asking price was slashed to $23.8 million.

Last week, the property was discounted again, this time by 8 percent. The apartment, which spans 4,557 square feet, is now asking $22 million. The interiors at the apartment were designed by Tony Ingrao, and it features a private entry foyer complete with a Baccarat chandelier and a gourmet eat-in kitchen. The building amenities include access to the Baccarat Hotel, the swimming pool, private cabanas and the fitness center.

In June, the building’s penthouse was sold following a price chop. The most recent asking price was $54 million, down from the original ask of $60 million.

Gail Sankarsingh, Lauren Muss and Janice Chang of Douglas Elliman have the listing. The brokers did not return requests for comment.

55 West 90th Street

55 West 90th Street

55 West 90th Street
Previous Price: $12.9M
Current Price: $11.9M ($1,713 per foot)
Percentage drop: 8 percent

This 7,000-square foot townhouse was first listed for $12.9 million back in September. Last week the seller — which records show to be real estate investment firm Omek Capital — shaved $1 million off the asking price.

Featuring six bedrooms and seven full bathrooms, this Upper West Side townhouse has four separate outdoor areas, including a backyard, two balconies and a rooftop. Built in 1900, it stretches across seven stories, and has an elevator, a steam shower and a wine room.

Gregory Williamson of Douglas Elliman has the listing. He did not return requests for comment.

90 Fifth Avenue, Apartment 18A

90 Fifth Avenue, Apartment 18A

980 Fifth Avenue, apartment 18A
Previous Price: $11.9M
Current Price: $11.2M
Percentage drop: 6 percent

This 18th floor co-op apartment has four bedrooms, four bathrooms and panoramic views of Central Park and the city skyline.

First listed back in April for $12.9 million, the property has already received two price reductions. The current asking price is $11.2 million, a 6 percent reduction from its previous asking price of $11.9 million.

The apartment features an eat-in kitchen, a library and two walk-in closets.

This 26-story co-op building was constructed in 1966, on the site of an 1887 mansion, according to StreetEasy. Last year, Daniel Tisch, the grandson of late Loews Corporation owner Larry Tisch, bought two apartments in the building for a combined $19.6 million. In 2014, Italian billionaire Pier Luigi Loro Piana bought a 19th-floor apartment in the building for $11.3 million.

Property records shows Romain Hatchuel to be the current owner. Hatchuel, a native of France, paid $7.5 million for the apartment in 2011.

Scott Stewart, Cathy Franklin and Alexis Bodenheimer of Corcoran have the listing. They declined to comment.

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