The Real Deal New York

Tommy Hilfiger slashes price of Plaza penthouse

Property has lingered on the market since 2013
By Katherine Clarke | January 08, 2016 01:30PM

It seems Tommy Hilfiger has a New Year’s resolution — to finally unload his Plaza Hotel penthouse.

The fashion magnate has slashed the price of the 6,000-square-foot, four-bedroom apartment by a hefty $6.05 million, bringing the price to $68.95 million, or just under $11,500 per square foot.

Hilfiger and his family first listed the property in 2013 with Dolly Lenz, asking $80 million, or a sky-high $13,333 a foot. He set his sights a notch lower the following year, cutting the ask to $75 million and switching Lenz for the Corcoran Group’s Marie-Claire Gladstone.

“They have never been in a rush to sell but they said, ‘It’s a new year. Let’s sell it this year,” Gladstone told The Real Deal. “They have a very active life and travel a lot so there’s no point in really keeping it.”

Hilfiger bought three apartments in The Plaza for $25 million in 2008. He then reportedly spent a further $20 million to combine the three units and fully renovate the space, garnishing it with Warhols and Basquiats from his extensive art collection.

The designer isn’t the first owner at The Plaza who’s had to adjust their resale price expectations. The median sales price for a condo at the property was just $4,325 a foot in the 18 months ending last August, compared to $6,323 at 15 Central Park West, $4,617 at One Beacon Court and $5,340 at the Time Warner Center, according to CityRealty.