The Real Deal New York

Stanhope apartment price falls 45%

May 27, 2009 03:05PM
By Adam Pincus

A full-floor apartment at Extell Development’s conversion of the former Stanhope Hotel at 995 Fifth Avenue into luxury residences sold for $17 million, a savings of 45 percent from the original asking price of $31 million.

The 8,360-square-foot cond-op unit has six bedrooms and eight and a half baths, a listing on the Web site of sales and marketing agent Corcoran Group Marketing says.

The 14th-floor sponsor unit in the 17-story Rosario Candela-designed building was originally offered for $31 million early last year, according to Streeteasy.com.

City property records published today identify the buyer as Stanhope 14 LLC.

The buyers apparently don’t plan to hold on to the property for long. The apartment has been listed for nearly three months with an asking price of $25.5 million with Prudential Douglas Elliman’s DeNiro Group, Streeteasy.com shows.

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