The Mark unit undergoes third price cut, four years on

TRD New York /
Dec.December 02, 2013 05:51 PM

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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