The Real Deal New York

Pierre Hotel penthouse slashes price to $95M

December 24, 2013 10:48AM

From left: The late Martin Zweig, Barbara Zweig and  795 Fifth Avenue

From left: The late Martin Zweig, Barbara Zweig and the Pierre Hotel penthouse at 795 Fifth Avenue

The 16-room penthouse at the Pierre Hotel, which initially came to market at an extravagant $125 million, has chopped its asking price to $95 million.

The co-op triplex at 795 Fifth Avenue was listed by the wife of the late stock titan Martin Zweig in April with Elizabeth Sample, Brenda Powers and Serena Boardman of Sotheby’s International Realty. The apartment boasts 360-degree views of Manhattan and was once the ballroom of the Pierre.

The 24 percent price chop makes the home the fifth-priciest current listing in Manhattan, the New York Daily News reported.

Top market observers disagree on whether the apartment warrants its still-lofty asking price, according to the News.

“It’s priced to shock more than to sell,” Miller Samuel CEO Jonathan Miller told the newspaper. But Kirk Henckels, the director of Stribling Private Brokerage, said it was a bargain at that price. “It’s one of the great rooms in New York, like owning the Rainbow Room,” he said. [NYDN]Hiten Samtani

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