The Real Deal New York

The Mark unit undergoes third price cut, four years on

December 02, 2013 05:51PM

25 East 77th Street

25 East 77th Street

Sales at the Mark Residence continue to struggle, with one unit now down to 75 percent of the original ask.

The 4,788-square-foot, 10-room residence at 25 East 77th Street first hit the market in 2008 with a $23.5 million price tag, only to later be chopped to $18.9 million. Now the home is down to $17.5 million, or $3,654 per square foot.

Meanwhile, the penthouse apartment remains at its hefty $60 million ask, a breakdown of more than $6,000 per square foot.

The reconfigured Mark, which opened in 2009 with a hybrid 118 hotel rooms and 42 co-op apartments, locked legal horns with at least four buyers who wanted out of their contracts the following year. Two would-be tenants sued to recover their multimillion-dollar deposits, only to have a judge rule in at least one case that the buyer forfeit her entire down payment, interest and legal fees. [Curbed]Julie Strickland

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