The biggest price cuts on luxury pads last week

A condo at 5 East 16th Street in Flatiron got the largest reduction

TRD New York /
Jan.January 11, 2017 06:18 PM

Last week, the number of price chops did anything but drop. In fact, they made a comeback.

Over the holiday break, there was a lull in reductions on the city’s priciest listings. But that reprieve seems to have been short-lived. A total of six properties in the over-$10 million market had their prices slashed by more than 5 percent in the period between Jan. 2 and 8, according to data provided to The Real Deal by StreetEasy.

The biggest reduction was at a full-floor condominium at 5 East 16th Street, which is now on the market for $10.8 million, a 16 percent reduction on its last asking price.

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

5 East 16th Street, 9th floor
Previous Price: $12.8M
Current Price: $10.8M ($2,571 per square foot)
Percentage Drop: 16 percent

This three-bedroom, three-bathroom condominium spans 4,200 square feet across the entire ninth floor. It was first listed in November for $12.8 million. The apartment features an 800-square-foot sunken living room with Stone Italiana floors and an ethanol fireplace. The master suite has a 16-foot-wide atrium wall.

The unit is owned by Wonder Works Construction CEO Joseph Klaynberg and his wife Emily. They paid $3.8 million for it in 2012, property records show, and they have since done a full renovation.

Alyssa Soto Brody of Compass has the listing. She declined to comment.

427 East 85th Street
Previous Price: $21M
Current Price: $17.9M ($1,790 per square foot)
Percentage Drop: 15 percent

In May 2016, the owners of this 10,000-square-foot Yorkville townhouse hoped it would fetch at least $21 million. But last week they downgraded their expectations, and the cut the asking price to $17.9 million, a drop 15 percent.

The six-bedroom, eight-bathroom townhouse has six floors, all of which can be reached by elevator. There’s a gated forecourt, a service entry and a white-marble front hall with an 18th century French fireplace. The property features an irrigated garden, roof deck, terrace, and a small basketball court on the top floor.

The owners are Paul and Deborah Galant, who bought the house for $2.7 million in 2000, property records show.

Brown Harris StevensPaula Del Nunzio has the listing. She said her clients were waiting for construction on the Second Avenue subway to finish before they ramped up their efforts to sell the property. “Now just seemed like the perfect time,” Del Nunzio said. “The reduction is something that makes sense.” Del Nunzio said that despite news about the sluggish luxury market, properties with unique features can still stand out and sell well.

101 East 63rd Street
Previous Price: $28M
Current Price: $24.3M ($3,246 per square foot)
Percentage Drop: 13 percent

And God created townhouses. This home has plenty of one thing: star power. It’s owned by the estate of the late Gunter Sachs, the German photographer who was once married to Brigitte Bardot. Designed by famed architect Paul Rudolph and originally owned by the designer Roy Halston Frowick, it’s had some pretty famous visitors. Andy Warhol is said to have partied there, and the likes of Liza Minnelli and Bianca Jagger reportedly stayed in the top-floor suite.

Name-dropping aside, the property spans 7,500 square feet and features four bedrooms and four bathrooms. It first hit the market with the Corcoran Group in 2011, asking a rather whopping $38.5 million. Engel & Voelkers took over the listing last year, and slashed the price to $28 million. It sat on the market for eight months, but was reduced by another 13 percent last week. It’s now asking $24.3 million.

Howard Morrel, who is marketing the property with Leslie Hirsch, said the beneficiaries are now ready to sell. “I think they are now saying, ‘Let’s all agree on a price and move it,’” he said. “Now they are finally on the same page in terms of value and readiness.”

50 Riverside Boulevard, 21B
Previous Price: $17.7M
Current Price: $16.2M ($2,683 per square foot)
Percentage Drop: 8 percent

It looks like Gary Barnett’s Extell Development is stepping up attempts to sell off the remaining apartments at One Riverside Park. Back in June, Extel dropped the prices at the building in order to reel in buyers, The Real Deal reported at the time.

Around 90 percent of units in the building are sold, according to StreetEasy.

This particular apartment, which has seven bedrooms and nine bathrooms across 6,056 square feet, has been reduced twice. It was listed in April for $21 million, and the asking price was then dropped to $17.7 million in September. Last week, it was reduced to $16.2 million, a reduction of 8 percent.

The apartment has a wraparound terrace and its own outdoor pool. There’s an eat-in-kitchen with appliances by Miele, floor-to-ceiling windows and a library.

Developed by Extell with the Carlyle Group TRData LogoTINY, the project faced backlash over a so-called “poor door,” or separate entrance to be used by residents of 55 affordable units. But more than 88,000 people filed applications to live in those apartments as of 2015.

Stribling’s Alexa Lambert and Marc Achilles have the listing. They did not return request for comment.

2166 Broadway, Penthouse

2166 Broadway, Penthouse
Previous Price: $12M
Current Price: $10.9M
Percentage Drop: 9 percent

This five-bedroom, four-bathroom co-op was first listed back in September for $12 million, but was reduced to an asking price of $10.9 million last week.

The “loft-like” unit has 16-foot cedar ceilings and a wood-burning fireplace. There are south and north terraces, 12 windows and “multiple skylights.” There are two private wings for the bedrooms and bathrooms, and the apartment also features an artist’s studio. Dovie Wingard of film distribution company Kino Lorber owns the unit, according to PropertyShark.

Built in 1930, the building is known as “the opera” and was designed by architects Tillion & Tillion. Originally a church and a hotel, it has 113 units on 23 floors, according to StreetEasy.

Rhea Cohen of Brown Harris Stevens has the listing. She declined to comment.


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