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

20-room duplex at 834 Fifth has been slashed from $120M to $96M

TRD New York /
Sep.September 21, 2016 09:44 AM

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


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Here are the week’s top luxury sales
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Here are the week’s top luxury sales
19 Strong Place and 161 Warren Street (Google Maps, iStock)

Brooklyn’s luxury market has best week since before the pandemic

Brooklyn’s luxury market has best week since before the pandemic
217 West 57th Street with Extell Developement's Gary Barnett and Corcoran's Pamela Liebman (Photos via Extell; Barnett via Anuja Shakya)

Extell brings on Corcoran Sunshine to help market Central Park Tower

Extell brings on Corcoran Sunshine to help market Central Park Tower
1 Prospect Park West and 557 9th Street in Park Slope (StreetEasy; Google Maps)

Park Slope homes lead Brooklyn’s luxury deals this week

Park Slope homes lead Brooklyn’s luxury deals this week
389 Bergen Street and 219 Jefferson Street (Google Maps)

Nearly $30M in Brooklyn luxury contracts signed last week

Nearly $30M in Brooklyn luxury contracts signed last week
76 Schermerhorn Street and 378 5th Street in Brooklyn (Photos via The Symon and StreetEasy)

It’s just one week, but Brooklyn luxury contract signings fell 50%

It’s just one week, but Brooklyn luxury contract signings fell 50%
arrow_forward_ios

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

Loading...