The 5 biggest price chops on luxury pads last week

Penthouses at 505 West 19th Street saw the biggest reductions

TRD New York /
Oct.October 19, 2016 07:30 AM

Two years ago, New York City’s luxury residential market seemed limitless, but these days, sellers are adjusting to a very different reality.

Data provided to The Real Deal by StreetEasy for the period between Oct. 10 and Oct. 16 show sellers are continuing to discount properties in an effort to shift inventory. The two biggest cuts were Penthouse 1 and Penthouse West at 505 West 19th Street — which were reduced by 12 and 11 percent respectively. Here’s a look at the five biggest price chops for properties priced over $10 million:

Penthouse 1, 505 West 19th Street

Previous price: $19.9 million

Current Price: $17.5 million ($3,000 per square foot)

Percentage Drop: 12%

This High Line penthouse was originally listed in April of last year for $22 million. Ziel Feldman’s HFZ Capital dropped the price of the new development condo unit to $19.9 million two months later, but it still failed to sell. The property was price-slashed again last week, with an asking price now $17.5 million. The four-bedroom apartment spans 5,728 square feet and boasts a 795-square-foot private terrace. There’s also a study, a wood-burning fireplace and a chef’s kitchen.There are three penthouses in the building, all of which debuted on the market in 2014 for more than $17 million. The only one that’s sold is Penthouse #2, which closed for $17.9M in March. The Corcoran Group’s Shelley O’Keefe and Michael Johnson, who have the listing, could not be reached for comment.

505 West 19th Street, Penthouse West

505 West 19th Street, Penthouse West

Penthouse West, 505 West 19th Street

Previous Price: $16.9M

Current Price: $15M ($3,200 per square foot)

Percentage Drop: 11%

HFZ Capital tried to sell the 4,664-square-foot penthouse for nearly $19 million in July of last year. It sat on the market for a year, and was then discounted to $16.9 million. Last week, almost $2 million was cut from the price and the sponsor unit is now listed for $14.9 million. Designed by Thomas Juul-Hansen, the four-bedroom apartment has both a media and utility room. It features 13-foot-high ceilings and 360-degree views across the High Line. Shelley O’Keefe and Hayim Nommaz of Corcoran have the listing.

421 Hudson Street, Townhouse 2

421 Hudson Street, Townhouse 2

Townhouse 2, 421 Hudson Street

Previous Price: $13.1 million

Current Price: $11.7 million ($2,761 per square foot)

Percentage Drop: 11%

This 4,200-square-foot townhouse is located in the Printing House, and boasts a full basement and roof terrace. It is one of just two townhouses available at the former industrial building. There are four bedrooms, six bathrooms and an elevator that has access to all five levels. Along with a gas fireplace, there are two laundry rooms, a study and space for wine storage. The owners of the townhouse will have access to full-time door staff at the Printing House, as well as the the Equinox gym that’s located in the building. First listed in November last year for $13 million, the townhouse was removed from the market in January this year. It was listed again in May for the same price, but then reduced by $1.4 million last week. Shelley O’Keefe of Corcoran has the listing.

Apt. 74, 160 West 12th Street

Previous Price: $12 million

Current Price: $11 million ($3,633 per square foot)

Percentage Drop: 8%

Last sold in June for $9 million, this three-bedroom condominium has two private terraces and views of the Empire State Building. It spans nearly 3,000 square feet, and has almost 600 square feet of outdoor space across two private terraces. The complex, known as Greenwich Lane, has a fitness center, a 25-meter pool, a golf simulator and a 21-seat screening room. In July, the property was listed for just under $12 million, and it was reduced by $1 million last week. Brown Harris Stevens’ David Kornmeier, who has the listing, could not be reached for comment.

149 West 10th Street

Previous Price: $12 million

Current Price: $11 million ($2,180 per square foot)

Percentage Drop: 8%

Built in 1833, this townhouse was one of 11 homes constructed by then-New York State Senator Myndert Van Schaick. Spanning around 5,000 square feet it has five bedrooms — each with their own fireplace. There’s a chef’s eat-in kitchen with Bianca Carrara marble countertops and a cast-iron stove. The garden spans 1,700 square feet. Originally listed back in 2010 for nearly $14 million, it has been reduced and removed from the market several times. It was discounted again last week by $1 million. Kornmeier of Brown Harris Stevens has the listing.

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