NYC’s most expensive listing just got a huge price chop

20-room duplex at 834 Fifth has been slashed from $120M to $96M
September 21, 2016 09:44AM

834 Fifth Avenue (credit: Brown Harris Stevens)

834 Fifth Avenue (credit: Brown Harris Stevens)

In yet another sign of the dipping ultra-high-end market, the seller of the city’s most expensive listing has cut $24 million from the asking price.

The 12,000-square-foot duplex co-op at 834 Fifth Avenue was listed in April for $120 million. But now that it has sat on the market for five months, the seller decided to offer a discount to $96 million ($8,000 per square foot), the New York Observer reported.

The apartment features a 1,600-square-foot master bedroom, along with three other bedrooms, a 50-foot-long living room with two fireplaces, a grand marble staircase and butler’s pantry with a walk-in steel safe for storing silverware. There’s a library, too. Brokers John Burger and Richard Ziegelasch of Brown Harris Stevens are sharing the listing with Key-Ventures’ Craig Dix and Larry Kaiser, according to the Observer.

John Gutfreund, known as the “King of Wall Street”, and his wife Susan bought the apartment in the 1980s. Gutfreund died in March and his widow listed the place a month later. Gutfreund was head of Wall Street investment firm Salomon Brothers throughout the 1980s. In 1991, he was forced to resign in the face of a major bond scandal at the bank.

One of the most sought-after addresses in the city, 834 Fifth Avenue doesn’t allow financing for co-op purchases. Luxury Listings NYC peeked behind the curtains of the white glove co-op in March to see who called it home.

In May, The Real Deal examined the declining Manhattan luxury market[NYO]Miriam Hall