The Real Deal New York

The biggest price chops on luxury pads last week

A penthouse at the Grand Millennium building received the biggest reduction
By Miriam Hall | December 08, 2016 01:00PM

Clockwise from left: 1965 Broadway, 50 Central Park South, 2000 Broadway, 157 West, 57th Street and 360 Furman Street

Clockwise from left: 1965 Broadway, 50 Central Park South, 2000 Broadway, 157 West, 57th Street and 360 Furman Street

Grand Millennium? Grand discount, more like it.

This week the biggest price drop was on a penthouse at the Grand Millennium condominium building on the Upper West Side. The7,000-square-foot apartment is now on the market for $22.9 million, a steep discount from the $42 million it was asking two years ago.

The number of reduced high-end pads has dropped in recent weeks. But there are still several pieces of ultra-pricey real estate that have been sitting on the shelf for years, and some sellers are willing to shave millions off the asking price.

Five properties in the city’s over $10 million market received price cuts of more than 5 percent in the period between Nov. 28 and Dec. 4, according to data from StreetEasy.

Here’s a look at the biggest chops in New York City for the week:

1935 Broadway #Ph3bc
Previous Price: $27.5M
Current Price: $22.9M ($3,285 per square foot)
Percentage Drop: 16 percent

1935 Broadway #Ph3bc

1935 Broadway #Ph3bc

There was once a time, back in the heady days of 2014, when the owner of this Grand Millennium penthouse expected it to fetch $42 million. Flash forward to 2016, and it’s a very different story. The apartment has been steadily discounted from its original ask over the past two years, including an 8 percent reduction in September. Last week, the seller chipped an extra $4.5 million off the asking a price, a drop of 16 percent.

The three-story penthouse is owned by hedge funder Adam Zoia and spans 7,000 square feet. It has six bedrooms, each with an en-suite and powder room. There are also two landscaped, irrigated terraces. It features a free-floating, four-sided bronze and glass fireplace and a drop-down movie screen. “We’ve reduced the price based on the market reaction, and we believe this is the number that will get it sold quickly,” said Douglas Elliman‘s Andrew Azoulay, who has the listing. “There was less motivation in the beginning to sell the property,” he said of the original $42 million asking price, adding that there’s been significant interest in the apartment since the price reduction.

50 Central Park South Floor-33
Previous Price: $35M
Current Price: $30M ($6,613 per square foot)
Percentage Drop: 14 percent

50 Central Park South Floor-33

50 Central Park South Floor-33

It looks like Howard Marks — the founder of Oak Tree Management and the owner of this Coco Chanel-inspired apartment — is lowering expectations for his Ritz-Carlton property once again. Marks, one of Forbes’ 400 richest Americans, has attempted to sell the 4,536-square-foot property a few times since 2012. In July, the apartment was discounted from $39 million to $35 million. Last week, he dropped the price another 14 percent to $30 million. Keep in mind, the two-bedroom, four-bathroom pad first hit the market four years ago, asking a hefty $50 million.

The condominium — which Marks and his wife Nancy bought it in 2007 for $18.88 million, according to city records — spans the entire 33rd floor. It has north and south exposures and a dining room that features 18th century-style boiseries by Feau & Cie, according to the listing. Roberta Golubock of Sotheby’s International Realty has the listing. She did not return a request for comment.

360 Furman Street 218/219
Previous Price: $12.9M
Current Price: $11.9M ($2,378 per square foot)
Percentage Drop: 7 percent

360 Furman Street 218/219

360 Furman Street 218/219

This 5,000-square-foot townhouse at One Brooklyn Bridge Park was first listed back in January 2014 for $4.9 million. Three years later, it got a new agent and a serious price hike. In June this year, it was listed for $12.9 million by Sotheby’s International, making it one of the borough’s most expensive listings that month.

Property records show the seller to be Stuart Leaf, the founder of Cadogan Management, which merged with investment bank Cantor Fitzgerald in 2011. Leaf and his philanthropist wife Claire are also the owners of the penthouse at the complex, which is comprised of nine different units on three floors. Last year, the Leafs listed the penthouse for an eye-popping $32 million, and discussed their decision in rather cringe-y detail with the Wall Street Journal. The 11,000-square-foot condo was “just a little too spread out,” for the soon-to-be empty nesters. It was so big, they told the Journal, they actually couldn’t find each other in the sprawling apartment! If the apartment had sold, it would have set a record for the borough. It didn’t get picked up, but what the Leafs did get was some solid ribbing from the press.

Maybe the Leafs will have better luck with this property, which is made up of two combined townhouses. The four bedroom, four bathroom property features a private rooftop cabana with elevator access. There’s a library, a climate-controlled wine room and media room with a built-in A/V system. Building amenities include a gym and a 24-hour doorman.

Dog owners take note, however. The board of managers at One Brooklyn Bridge Park have a policy that all pooches must undergo DNA testing, so that any canines who relieve themselves in common areas can be found and brought to justice.

Sotheby’s Karen Heyman and Alan Heyman have the listing. The brokers declined to comment.

157 West 57th Street #52B
Previous Price $31.7M
Current Price $29.9M
Percentage Drop: 5 percent

157 West 57th Street

157 West 57th Street #52B

This 5,400-square-foot apartment at Extell Development‘s One57  was first listed back in 2014 for $31.7 million. It was removed from the market, given to the Corcoran Group and then taken back again, but that hasn’t spurred any buyers into action.

Last week, Gary Barnett’s firm took the hint and dropped the price on the sponsor unit by $1.8 million, or 6 percent. The 5,400 square-foot apartment has four bedrooms, five full bathrooms and two entrances. There’s a chef’s eat-in kitchen with Miele appliances and handcrafted custom cabinetry. The sales office at One57 is marketing the apartment. A spokesperson declined to comment.

The One57 building was once the poster child of the Billionaire’s Row luxury boom. But lately it’s become better known for steep reductions. In October, a Chinese billionaire Liu Yiqian paid $23.5 million for a 4,500-square-foot pad at the building, a sharp discount from the $31.7 million the seller paid in 2014.

2000 Broadway, Penthouse
Previous Price: $13.7M
Current Price: $12.9M ($2,979 per square foot)
Percentage Drop: 5 percent

2000 Broadway

2000 Broadway

This property first hit the market in September, asking $13.7 million. The four bedroom, five bathroom penthouse at the Copley spans more than 4,300 square feet and features a 1,200-square-foot terrace. There’s a private, windowed elevator, a solarium and a wine room. The kitchen features Gaggenau and Sub-Zero appliances, as well as an island bar and separate banquette.

Douglas Elliman’s Steven Giles, Nicole Krinick and Anthony Barillo have the listing. The brokers did not return requests for comment.