The Real Deal New York

The biggest price chops on luxury pads last week

A townhouse on the Upper West Side received the biggest reduction
By Miriam Hall | December 15, 2016 04:53PM

From left: 53 West 71st Street, 147 Waverly Place, 150 Central Park South, and 157 West 57th Street

The price cuts at Extell’s One57 just keep coming.

Last week, $2 million was lopped off the asking price of apartment 65A. It’s now on the market for $25.9 million, $3.3 million less than what the seller paid in 2014. The chop on the 65th floor follows a $1.8 million discount on unit 52B which, which is now asking $29.9 million.

It’s far cry from 2014, when a penthouse in the building sold for $100 million, a New York City condominium record.

In all, four properties in the over-$10 million luxury market received price reductions of more than 5 percent between Dec. 5 and Dec. 11, according to data provided by StreetEasy.

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

53 West 71st Street
Previous Price: $14.9M
Current Price: $13.4M ($2,625 per square foot)
Percentage Drop: 10 percent

This 5,139-square-foot townhouse was listed back in March for $14.9 million, and sat on the market for nine months. Last week, the asking price was dropped by $1.4 million, or 10 percent. The property, built in 1940, just received a full renovation from Baxt Ingui Architects, according to the listing. The property spans five floors, and features five bedrooms, four bathrooms, a glassed-in rooftop, an elevator and a “restored, historically accurate stoop.”

Previously a 10-unit, multifamily property, it is now one of only a handful of homes in the city that uses a “passive house” design — it is completely sealed, reducing the need for heating and air conditioning, according to listing broker Dexter Guerrieri of Vandenberg Inc.

“We didn’t have buyers at that price. It’s just pretty simple,” said Guerrieri of the reduction. He added that reduced asking prices do not always reflect the state of the market. “What we found with these townhouses is there’s not an adjustment in the year-over-year sales prices. There is an adjustment in the asking prices, and that’s the case with this property.”

An entity called Cake Brownstone Corporation bought the property for $5.9 million in 2012, property records show.

157 West 57th Street, 65A
Previous Price: $27.9M
Current Price: $25.9M ($5,788 per square foot)
Percentage Drop: 7 percent

157 West 57th Street, 65A

In December 2014, a buyer shielded by an LLC paid $29.3 million for this 4,483-square-foot apartment at Gary Barnett’s One57. They were obviously hoping to make some quick cash, and the apartment was back on the market just ten months later asking $35.5 million.

But 2015 was a very different year, and buyers’ appetite for ultra-pricey pads is nowhere near as voracious as it once was. The asking price of the apartment has been whittled down slowly over the past year, and the seller is now prepared to sell at a loss.

Last week, the apartment — which features three bedrooms, four bathrooms, an eat-in kitchen and an “elegant gallery” — was reduced by $2 million, or seven percent. The seller of 65A is now asking $3.3 million less than what they paid in 2014.

An apartment at One57 sold for an $8.2 million loss earlier this year. But not everyone is gloomy about the future of the building. Bill Ackman, of Pershing Square Capital Management, told Vanity Fair back in October the One57 apartment he bought with investors last year for $91.5 million will one day be worth five times the price he paid.

Douglas Elliman’s Daniela Sassoun and Mark Mistovich have the listing. Sassoun declined to comment.

150 Central Park South, Apartment 2601
Previous Price: $12.5M
Current Price: $11.7M ($3,671 per square foot)
Percentage Drop: 6 percent

150 Central Park South, Apartment 2601

This co-op apartment at Hampshire House features three bedrooms and three bathrooms across 3,200 square feet. There’s a private elevator, an eat-in kitchen, a wood paneled library and a formal dining room.

The property was first listed in June for $12.5 million, but has so far failed to sell. Last week, the asking price was dropped by $750,000, or six percent.

The 37-story Hampshire House, built by Caughey & Evans, was completed in 1938 and converted into a co-op in 1949.

Apartment 2601 isn’t the only apartment in the building that’s had trouble moving from the market. In 2013, the estate of opera singer Luciano Pavarotti tried to sell his former apartment at the co-op building for $13.7 million. The asking price was then dropped to $10.5 million. In April this year, the estate began marketing the property with another unit in the building.

Fabienne Lecole of the Corcoran Group has the listing for unit 2601. She did not return a request for comment.

147 Waverly Place, Apartment 9
Previous Price: $10.9 million
Current Price: $10.2 million ($3,009 per square foot)
Percentage Drop: 6 percent

147 Waverly Place, Apartment 9

This condo at 147 Waverly Place first hit the market in May, asking $11.9 million. The 3,300-square-foot apartment features a private elevator that opens directly into the apartment.

With four bedrooms and three bathrooms, this apartment has two fireplaces, a loft-like living room, a dining room and 360-degree views of city, according to the listing. The kitchen has Calacatta marble counters, and the master bedroom has two exposures.

Brazilian economist Arminio Fraga and his wife, Lucyna, paid $7.5 million for the property in 2011 and gave the property a full renovation, according to listing broker Marcy Grau of Stribling & Associates. Over the past few months they’ve been lowering their economic forecasts for the property. It was first reduced in July and then again in August. Last week, $700,000 was knocked off the asking price, a reduction of six percent.

“The seller is more keen and the market conditions have changed in the last few months,” said Grau, adding that they have lowered the price to capitalize on renewed buyer activity. “I think pre-election people wanted to wait and see what happened. There was a lull in the market. I think now since the election… people are busy once again.”