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
From left: 182 East 64th Street and 520 West 28th Street (Getty Images, Brown Harris Stevens, Godsfriendchuck, CC BY-SA 4.0 - via Wikimedia Commons)
Manhattan luxury contracts hold steady in September
Manhattan luxury contracts hold steady in September
35 Hudson Yards (35 Hudson Yards, Getty)
Manhattan luxury contracts ticked up as Dow plummeted
Manhattan luxury contracts ticked up as Dow plummeted
177 Ninth Avenue (The Corcoran Group)
Manhattan’s luxury market deals dip to 2022 low
Manhattan’s luxury market deals dip to 2022 low
Gustavo Arnal (Bed Bath & Beyond, Getty)
Exec’s Jenga building suicide doesn’t figure to hurt sales
Exec’s Jenga building suicide doesn’t figure to hurt sales
2 East 82nd Street (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Streeteasy)
Manhattan luxury market bounces back with 21 contracts
Manhattan luxury market bounces back with 21 contracts
100 Eleventh Avenue (Google Maps, Getty Images)
Heatstroke: Manhattan luxury market struggles to sign contracts
Heatstroke: Manhattan luxury market struggles to sign contracts
95 Charles Street (Illustration by Kevin Cifuentes for The Real Deal with Getty, Streeteasy)
Manhattan luxe sees 28 contracts signed in first half of August
Manhattan luxe sees 28 contracts signed in first half of August
565 Broome Street, Heat Wave
Manhattan’s luxury market records slowest week since 2020
Manhattan’s luxury market records slowest week since 2020
arrow_forward_ios

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

Loading...