The five biggest price cuts on luxury pads last week

Apartment at Trump International Hotel and Tower was slashed by 14%

Nov.November 09, 2016 12:15 PM


One of the biggest price cuts in the over $10-million residential market last week was at 1 Central Park West, or Trump International Hotel and Tower, which is managed by Donald Trump’s company, the Trump Organization. Apartment 47BC was reduced from $40 million to $34.5 million last week, a markdown of 14 percent.

It certainly wasn’t the only luxury pad to be slashed last week. Data provided to The Real Deal by StreetEasy for the period Oct. 31 through Nov. 4 show several high-end properties have been reduced by millions of dollars, as sellers adjust to waning demand for luxury properties.

Here’s a look at the other biggest price cuts in New York City for the week:

132 East 70th Street

Previous Price: $28.5 million

Current Price: $24.5 million ($3,424 per square foot)

Percentage Drop: 14 percent

This six-bedroom, five-bathroom townhouse in Lenox Hill was first listed in May for $28.5 million. But last week, $4 million was shaved off the asking price. Built in 1914, the home spans more than 7,000 square feet and has additional buildable square footage. It was designed by architect Herbert Baer, and now features an elevator, a neo-Georgian style facade and many of its original details. Jed Garfield and Caylyn Sullivan of Leslie J. Garfield have the listing. Neither of the brokers were immediately available for comment. The owner of the property, according to city records, is George Papagitos.

1 Central Park West, Apt 47BC

Previous Price: $40 million

Current Price: $34.5 million ($5,424 per square foot)

Percentage Drop: 14 percent

This apartment at Trump International Hotel and Tower spans 6,300 square feet. It first entered the market for $40 million in May, but was reduced by 14 percent last week. The apartment features six bedrooms, six bathrooms and all the flourishes you’d expect at a Trump apartment: four types of marble flooring, gold leaf gilding, eight walk-in closets and soaring views of Central Park. The Howard Margolis Group at Douglas Elliman has the listing. “The sellers wanted to test the market at the higher price,” Howard Margolis told The Real Deal. “They’ve now asked us to adjust the price of the apartment to make it more competitive.”

The volume of sales at Trump Buildings has slowed in the past year,  but Margolis would not be drawn on any correlation between the price cut the President-elect. “We can’t make any political commentary on Mr Trump,” he said. An unknown LLC called Daisho Development USA owns the property.

27 Monroe Place

Previous Price: $18 million

Current Price: $16 million ($2,285 per square foot)

Percentage Drop: 11 percent

This Brooklyn Heights townhouse spans 7,000 square feet, and features five bedrooms and more than six full bathrooms. The property is owned by Kushner Companies, whose CEO Jared Kushner, is now arguably the most politically-connected real estate player in the country. His firm snapped up the property — which was previously a dorm for students at Brooklyn Law School — for $7.4 million in 2014. Built in 1844, the property has undergone a full restoration and now has an elevator to all floors, 10-zone central air and heated floors. There’s a custom crafted kitchen and SubZero and Wolf appliances. The roof terrace has views of the Manhattan skyline. It was listed for $18 million in July and chopped 11 percent last week to $16 million. Leslie Marshall and James Cornell of the Corcoran Group have the listing. Marshall declined to comment.

20 East 78th Street

Previous Price: $38 million

Current Price: $34.5 million ($3,938 per square foot)

Percentage Drop: 9 percent

If you’ve got enemies, this might be the townhouse for you. This 8,760-square-foot townhouse has seven bedrooms and eight full bathrooms spread across five floors. The property features a gym, mud room, a wine cellar and one of the most serious security systems out there. Aside from a key-card entry gate and bullet-proof front door, the home also features a “panic room.” Designed by architect David Easton and built in 1899, the townhouse features a limestone front and brick facade. First listed for $38 million in May, the price has now been reduced by nine percent to $34.5 million.

This townhouse belongs to hedge fund manager Michael Price and his wife Jennifer, according to city records. It was once owned by socialite Pia Getty.

Serena Boardman of Sotheby’s International Realty has the listing, and she could not be reached for comment.

157 West 57th Street, 40F

Previous Price: $10.9 million

Current Price: $9.9 million

Percentage Drop: 9 percent

This two-bedroom, two-bathroom apartment at Extell Development’s One57 spans 2,400 square feet. Designed by Thomas Juul-Hansen, the condo boasts a chef’s kitchen with Miele appliances and custom cabinetry. There’s also soundproof windows and oak ebony floors. There’s a zone climate control system, and the master bedroom has exposure from the south and east. The master en-suite features a jacuzzi soaking tub and heated floors.

The condo was first listed in January for $12.5 million. It was reduced and removed from the market, but was listed again last week for $9.9 million, a reduction of nine percent.

One57 was once the ultimate symbol of the craze for high-end luxury apartments, and holds the record for the priciest closed sale in the city, at north of $100 million. Last month, Chinese billionaire Liu Yiqian bought an apartment on the 62nd floor of the building for $8.2 million less than the seller paid in 2014.

A mystery LLC owns the apartment. Janice Chang of Douglas Elliman has the listing. She was not available for comment.

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