The Real Deal New York

The biggest price chops on luxury pads last week

A restored Brooklyn Heights townhouse received the biggest discount

November 30, 2016 07:00AM
By Miriam Hall

From top: 57 West 88th Street and 15 Willow Street

From top: 57 West 88th Street and 15 Willow Street

There weren’t many price chops to the city’s most expensive pads during Turkey Week.

Just two properties in the over-$10 million market received price cuts of more than 5 percent in the period between Nov. 21 and Nov. 27, according to data from StreetEasy. It was the second consecutive quiet week on the price chop front, with fewer than five properties receiving discounts. In prior weeks, as many as 12 properties received substantial slashes to the sticker price.

This week, the biggest discount was on a restored townhouse at 15 Willow Street in Brooklyn Heights. The six-story home spans more than 6,000 square feet, and was reduced from $14.1 million to $12.5 million, or 12 percent.

15 Willow Street

15 Willow Street

15 Willow Street
Previous Price: $14.1M
Current Price: $12.5M ($2,016 per square foot)
Percentage Drop: 12 percent

Built in the 1830s, this six-bedroom townhouse was first listed in August for $14.1 million. Back then, it was the most expensive single family listing in the borough. Last week, the property was reduced by $1.6 million, or 12 percent.

Along with investors, Damian and Britt Zunino bought the house in 2014 for $4.1 million. Under their design firm Studio DB, the Zuninos embarked on a renovation and restoration of the property. The 6,200 square foot townhouse — where Franciscan nuns lived for nearly three decades — now features six bedrooms, four full bathrooms, a wine cellar and tasting room, an elevator, three outdoor spaces and a hot tub.

Corcoran Group’s Christopher Sheller has the listing. “We wouldn’t have priced it at $14.1 million if we didn’t think it was reasonable, but one doesn’t have crystal ball,” he said. ”There’s been a lot of uncertainty in the market over the past four or five months and this is just an indication of that. It’s not just in the luxury market that things have taken longer to transact, it’s right across the board.”

57 West 88th Street

57 West 88th Street

57 West 88th Street
Previous Price: $15.9M
Current Price: $14.9M ($1,814 per square foot)
Percentage Drop: 7 percent

This 8,200-square-foot townhouse hit the market in September with an asking price of $15.9 million. Last week the seller — which property records show to be real estate investment firm Omek Capital — dropped the asking price by $1 million, or 7 percent. Two weeks ago, Omek, a fairly prolific townhouse flipper in Manhattan, also cut the asking price of a townhouse at 55 West 90th Street by $1 million, or 8 percent.

This place — which was one of two multifamily townhouses at 55-57 West 88th Street that went under contract for a combined $22.5 million in March last year — has five bedrooms, each with their own en-suite. There’s also a fitness center and seven bathrooms across the house. The penthouse level has more than 800 square feet of outdoor space, including terraces and a wet bar and powder room. It features formal living and dining rooms, which both have gas fire places.

Noble Black, Samuel Berry and Cory Cahlon of Douglas Elliman have the listing. The brokers did not return requests for comment.

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