The biggest price cuts on luxury pads this week

A co-op in Lenox Hill got the biggest price reduction

TRD New York /
Jan.January 18, 2017 07:00 AM

Clockwise, from left: 435 East 52nd Street Apt. 16C, 7 Bond Street PHAB, 470 West 24th Street PHAB, 795 Fifth Avenue Apt 2204

Which asking price will get whacked this week?

Two adjacent co-ops belonging to “The Sopranos” creator David Chase received one of the biggest price reductions in the city’s over-$10 million market during the past week. The penthouses at London Terrace were listed last year for $16.5 million, but are now asking a more subdued $14.9 million.

In total, 13 ultra pricey pads received reductions of more than 5 percent in the period between Jan. 9 through 15, according to data from StreetEasy.

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

795 Fifth Avenue, 2204 
Previous Price: $25.9M
Current Price: $22.5M
Percentage Drop: 13 percent

Back in May 2014, this four-bedroom co-op hit the market for an ambitious $33 million. But that was back when ultra-luxury pads were selling like hot cakes, and sellers had high hopes for what their apartments could (and often would) fetch. In October 2014, the asking price was shaved back to $29.9 million, where it sat for nearly 18 months. In March last year, the price was slashed to $25.9 million. Last week, it was dropped again by 13 percent, and is now asking $22.5 million.

The unit in the famed Pierre Hotel building has north, south, east and western exposures, as well as expansive views of Central Park. Each bedroom has an en suite, according to the listing. There are two kitchens, a service entry and concealed china cabinets.

Designed by architect Leonard Schultze, the building opened in 1930. It is now owned and operated by Taj Hotels Resorts and Palaces, according StreetEasy. In 2015, Charlene Haroche, the widow of travel agency mogul Gilbert Haroche, purchased a co-op in the building for $22.9 million.

Brown Harris Stevens’ TRData LogoTINY Paula Del Nunzio has the listing. She did not return a request for comment.

7 Bond Street, PHAB

7 Bond Street, Penthouse AB
Previous Price: $14.5M ($4,222 per square foot)
Current Price: $12.9M
Percentage Drop: 11 percent

Designed with the help of a Feng Shui master and a building-biology consultant, this 3,000-square-foot penthouse is now on the market asking $12.9 million. Owned by hedge funder Jason Pickard, the four-bedroom, three-bathroom apartment was renovated as a “healthy living retreat.” It has naturally-sourced and reclaimed building materials, a 1,200-square-foot Outdoor Terrace equipped with built-in speakers, “mood lighting” and an irrigation system. All the water in the apartment is filtered and there are sound-dampening windows to minimize noise.

Pickard, who paid $9.2 million for the apartment for the apartment in 2013, told Architectural Digest in August that he wanted to design a place that was “organic, nature-friendly and peaceful.”

But despite the “mindful design,” and the links to the musician Moby — who also owned an apartment in the building — the unit has sat on the market since September. It was first listed for $14.5 million, and was reduced by 11 percent to $12.9 million last week.

Ryan Serhant and Amy Herman of Nest Seekers International have the listing. Neither returned a request for comment.

47p West 24th Street, PHAB

470 West 24th Street, Penthouse AB
Previous Price: $16.5M
Current Price: $14.9M ($2,980 per square foot)
Percentage Drop: 9 percent

David Chase, the creator of “The Sopranos,” put these adjacent, but not combined, London Terrace penthouses on the market for $16.5 million in April last year.  Alec Baldwin and his wife Hilaria reportedly toured the units in September, but it clearly wasn’t to their liking. The price was slashed by 9 percent last week, and the apartments are now asking $14.9 million.

The apartments together have roughly 5,000 square feet, five bedrooms, four-and-a-half bathrooms and a terrace with 360-degree views. Chase bought one of the apartments, once owned by writer and activist Susan Sontag, for $9.6 million in 2013. Plans to combine the two co-ops have been approved, according to the listing. The new place would include an eat-in dining room and a north-facing master bathroom with views of the Empire State Building.

Joshua Wesoky and Steve Dawson of Compass have the listing. The brokers did not return a request for comment.

435 East 52nd Street, 16C 
Previous Price: $11.7M
Current Price: $10.8M ($2,700 per square foot)
Percentage Drop: 8 percent

This 4,000-square-foot apartment, which is owned by financier and philanthropist Edmund Hajim, first hit the market in October 2014 for $14.7 million. Over the past two years, it’s been removed from the market and reduced several times. Last week, $900,000 was sliced from the asking price. It’s now on the market for $10.8 million.

The co-op in the exclusive River House has three bedrooms and three bathrooms, as well as a wood-burning fireplace, a mahogany paneled library and a chef’s eat-in kitchen. The Art-Deco building has a staff of 36, including a full-time concierge, doormen, handymen, and an on-site property management office.

Buyers, beware, however: the co-op board is notoriously strict. It’s turned away a number of applicants, including Richard Nixon, Diane Keaton, Joan Crawford and Gloria Vanderbilt. In the 1990s, billionaire Wilbur Ross, now Trump’s pick to head the Commerce Department, was knocked back by the board. But he got his revenge in 2015, buying a unit in the building for $7.8 million. The building certainly has some famous faces. Henry and Nancy Kissinger have a unit there, as does Uma Thurman.

Joshua Wesoky and Steve Dawson of Compass have the listing. They did not return a request for comment.

12 East 13th Street, Penthouse 
Previous Price: $20M
Current Price: $18.5M ($3,243 per square foot)
Percentage Drop: 8 percent

This 5,700-square-foot triplex apartment at DHA Capital and Continental Properties’ 12 East 13th Street hit the market in November 2013 for $28.4 million. Seven months later, the asking price was lifted to $30.5 million, and then dropped last November by $10 million to $20 million. It’s now on the market for $18.5 million.

The sponsor unit has four bedrooms, four bathrooms and two 900-square-foot private terraces.

DHA Capital and Continental Properties paid $32 million for the 45,000-square-foot property in 2012. Apartments in the building hit the market in 2013, ranging from $7.5 million to $28.5 million for the top triplex.

Steven Fisch, of Continental Properties, told the Wall Street Journal at the time that the companies were seizing on the limited supply of ultra luxury properties in the city.

“It’s a very different market now,” said Compass’ Herve Senequier. “Properties above $15 million have received pricing adjustments, and the price now makes more sense.”

Senequier is marketing the apartment with colleagues Leonard Steinberg, Herve Senequier, Amy Mendizabal and Calli Sarkesh.


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