J. Crew chief’s Tribeca pad lowers ask by $5.5M

Price of Franklin Street mansion is now $29.5M
May 27, 2015 11:30AM

The one-of-a-kind Tribeca apartment owned by J. Crew CEO Mickey Drexler dropped its asking price from $35 million to $29.5 million just one month after hitting the market.

Drexler listed the five-bedroom, five-bathroom pad for $35 million at 140 Franklin Street in April. The new asking price reflects a change in marketing strategy — the unique Thierry Despont-designed furnishings are no longer part of the deal, the New York Daily News reported.

Adam Modlin, broker to the stars, has the listing. He told the newspaper that Drexler is selling because he simply doesn’t spend time in the apartment.

“He has one too many homes and they just don’t have a use for it,” he said.

The home spans 6,225 square feet and features oversized arch windows and an 82-foot-long grand salon. [NYDN] — Tess Hofmann