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
The penthouse in Lightstone's 40 East End was the most expensive contract, with developer David Edelstein of TriStar Capital selling the second priciest (Lightstone, Getty)
After early-July lull, Manhattan luxury deals are on the upswing again
After early-July lull, Manhattan luxury deals are on the upswing again
30 Park Place PH78A and 67 Vestry Street (StreetEasy, CityRealty)
$45M penthouse helps Manhattan’s luxury market rebound from five-month low
$45M penthouse helps Manhattan’s luxury market rebound from five-month low
109 East 79th Street and at 30 Riverside Boulevard (Photos via Noë & Associates with The Boundary, Google Maps and StreetEasy)
Summer lull hits Manhattan’s luxury market
Summer lull hits Manhattan’s luxury market
21 East 61st Street and 200 Amsterdam Avenue (Photos via Extell, 200 Amsterdam)
Manhattan luxury home market braces for dog days
Manhattan luxury home market braces for dog days
A unit at The Benson was the most expensive deal in Manhattan last week. (The Benson)
Manhattan luxury market sees another strong week with 36 deals
Manhattan luxury market sees another strong week with 36 deals
A two floor unit in The Benson on Madison Ave was the priciest home to go into contract last week. (The Benson)
Best week since 2019 for Manhattan luxury market
Best week since 2019 for Manhattan luxury market
70 Vestry Street and 1010 Park Avenue (Google Maps, iStock)
Tribeca condo with bumped-up asking price tops Manhattan contracts
Tribeca condo with bumped-up asking price tops Manhattan contracts
37 East 12th Street and 262 Central Park West (Google Maps, iStock)
Luxury report: Patience pays off for buyer of $20M penthouse
Luxury report: Patience pays off for buyer of $20M penthouse
arrow_forward_ios

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

Loading...