It seems even billionaires like Apollo Global Management co-founder Marc Rowan are having to adjust their price expectations amid an oversupply in the luxury residential market.
The private equity mogul slashed the asking price of one of his co-op units at 927 Fifth Avenue by an additional $1 million, bringing it to $18.5 million, according to StreetEasy. It was first listed for sale last year for $22 million.
Rowan and his wife Carolyn bought the ground-floor unit for just $7.7 million in 2012, records show. It was the third apartment they’d purchased in the building. Their previous purchases included a fifth-floor spread they bought for $26 million in 2013.
The three-bedroom, 3.5-bathroom ground-floor unit was previously home to a plastic surgeon’s office, but has been completely redone as a high-end apartment designed by Tony Ingrao. It comes with a billiards table and a glass and matrix stone bar.
It’s listed by Juliette Janssens and Allison Koffman of Sotheby’s International Realty , who were not immediately available for comment.