Can’t seem to unload that high-end pad? This may be why

Co-op board hassles, custom decor and “fantasy” prices keep marquee units on the market for years

New York /
Feb.February 22, 2016 11:36 AM

While potential buyers balk at dealing with interventionist co-op boards or at the lack of coveted amenities, the real problem with long-unsold ultra-luxury units seems simple: grossly-inflated asking prices.

Stock investor and “Winning on Wall Street” author Martin Zweig’s 3,500-square-foot triplex at the the Pierre Hotel first hit the market in 2013. The unit was built from a converted ballroom and 23-foot-high ceilings.

It also has a renovation-resistant co-op board, with rules requiring all-cash sales and union labor for all renovation.

Zweig asked $125 million when he first listed the apartment, but has since cut that in half. The unit is now priced at $63 million, the New York Post reported. That union labor is required and sales are cash-only certainly isn’t helping.

Meanwhile, advertising honcho Ilon Specht has been unsuccessfully marketing his 4,500-square-foot apartment at the Dakota on Central Park since 2006.

The unit has gaudy, 1980s-era decor – “Aesthetically speaking, This Place needs to be ripped apart,” a broker told the Post – and doesn’t offer a coveted Central Park View.

Specht eventually dropped the price to $14.5 million from an initial $19.5 million, but the unit still hasn’t sold.

For all the hassles and complications, experts told the Post that the problem often comes down to unrealistic price expectations.

“[There are] always a certain number of properties that sit on the market with fantasy prices,” luxury broker Donna Olshan, author of the Olshan Report, told the Post, not referring to any specific listing. [NYP]Ariel Stulberg


Related Articles

arrow_forward_ios
109 East 79th Street and 1010 Park Avenue (Google Maps)

Upper East Side trophy property tops luxury deals — again

Upper East Side trophy property tops luxury deals — again
20 East End Avenue and 292 West 4th Street (Google Maps)

Manhattan’s luxury market has best post-Christmas week since 2006

Manhattan’s luxury market has best post-Christmas week since 2006
Henry Buhl and 114 Greene Street (Getty, Google Maps)

Soho sale by art collector Henry Buhl tops Manhattan luxury deals

Soho sale by art collector Henry Buhl tops Manhattan luxury deals
There was a 31 percent decline in contracts signed for properties above $4 million compared to last year. (iStock)

“A garbage year”: The state of Manhattan’s luxury resi market in 2020

“A garbage year”: The state of Manhattan’s luxury resi market in 2020
Barry Sternlicht and 150 Charles Street (Photos via Getty; Compass)

Barry Sternlicht inks contract to sell $40M West Village condo

Barry Sternlicht inks contract to sell $40M West Village condo
A rendering of 1228 Madison Avenue and 49 Greene Street (Photos via Robert A.M. Stern Architects; Google Maps)

Manhattan luxury market has another strong week

Manhattan luxury market has another strong week
111 Waverly Place and 781 Fifth Avenue (Photos via MAD Nyc; StreetEasy)

Manhattan luxury deals surpass 10-year average over Thanksgiving week

Manhattan luxury deals surpass 10-year average over Thanksgiving week
1045 Madison Avenue and 300 Central Park West (The Benson; Wikipedia Commons)

Manhattan luxury market shows signs of progress with 25 deals

Manhattan luxury market shows signs of progress with 25 deals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...