The biggest price cuts on luxury pads this week

Dakota co-op received the biggest price reductions

TRD New York /
Jan.January 25, 2017 07:00 AM

There’s no place like home — a price-reduced home.

This week, the biggest reduction in the city’s luxury market was on a unit that Judy Garland, of “Wizard of Oz” fame, may or may not have once owned. The co-op at the Dakota has been slashed from $15.9 million to $12.5 million, $500,000 less than what it sold for in 2010.

In total, 14 properties priced over $10 million received reductions of more than 5 percent in the period between Jan. 17 through Jan. 23, according to data from StreetEasy. Out of that 14, five were units at Extell Development’s TRData LogoTINY Carlton House.

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

1 West 72nd Street, Apt 77 
Previous Price: $15.9M
Current Price: $12.5M
Percentage Drop: 22 percent

This three-bedroom, 4,700-square-foot co-op in the iconic Dakota first hit the market back in January last year asking $16.7 million.

It was reportedly once owned by Judy Garland, but the broker marketing the property, Douglas Elliman’s Katherine Gauthier, told the Observer last year she is skeptical about the veracity of that claim. However, it was definitely owned by the late Jacqueline Bikoff, said to be an Iranian pianist, ballerina and Studio 54 regular. Property records show she paid $13 million for it back in 2010. It was reduced to $15.9 million in August, and is now asking $12.5 million, a reduction of 22 percent.

The co-op has a formal dining room, a library and seven wood-burning fireplaces. The chef’s eat-in kitchen has marble counter tops and custom-cabinetry.

The Dakota, one of the city’s most famous co-op buildings, was built in 1884 and designed by Henry J. Hardenbergh, according to StreetEasy. Earlier this month Luxury Listings looked at the people who live in the building as part of its Board Approved series.

Gauthier did not return a request for comment.

10 Gracie Square, 10G 
Previous Price: $11.5M
Current Price: $10M
Percentage Drop: 13 Percent

This five-bedroom, four-bathroom apartment was first listed for $11.5 million in June of last year. But that was then, this is now. The unit’s price was snipped $1.5 million, down to $10 million.

The co-op, which according to the listing has graced the cover of Elle Decor, has a private elevator landing, 11-foot ceilings and a formal library complete with a wood-burning fireplace. It also has White Oak floors and a laundry room with an industrial-sized washer and dryer.

Built in 1930, the Yorkville building has 15 floors, 43 apartments, a private driveway and a squash/basketball court. Gloria Vanderbilt once lived there, and as of 2014, it held the unenviable title of being the Manhattan residential building farthest from a subway entrance.

The apartment is being marketed by Brown Harris Stevens’ Daniella Schlisser and Matthew Hughes. They did not return a request for comment.

26 Bank Street 
Previous Price: $22M
Current Price: $19.5M ($4,148 per square foot)
Percentage Drop: 11 Percent

This West Village townhouse, owned by British technology entrepreneur and investor Jos White and his wife Annabel, spans 4,700 square feet. The Whites paid $7.3 million for the landmarked property in 2009, and spent three years renovating it.

It now features four bedrooms, staff quarters, a garden, roof deck and two terraces. There’s a chef’s kitchen with a wall of glass doors that open onto the south-facing garden. Designed by architect Basil Walter, the townhouse’s six floors are connected by a “sweeping elliptical stair,” according to the listing.

The White first listed the property for $26 million in February last year. Two months later they cut the price by 15 percent to $22 million, and last week it was reduced again to $19.5 million, or $4,148 per square foot. White probably isn’t hurting for cash — he sold his company MessageLabs to Symantec for around $700 million in 2009.

Douglas Elliman’s Jan Hashey, Steve Halprin and Leslie Mason have the listing. They did not respond to a request for comment.

 

144 Waverly Place 
Previous Price: $12.9M
Current Price: $11.6M ($1,849 per square foot)
Percentage Drop: 10 percent

This multifamily property in Greenwich Village first hit the market in October, asking $12.9 million. Three months later, the price was reduced by 10 percent, and the property is now asking $11.6 million. According to property records, an unknown buyer bought the property through an LLC for $9 million in 2014.

Built as a single-family home in 1839, the building spans 6,300 square feet across a duplex and three floor-through apartments. Most of the townhouse was renovated in 2015, and there is 1,000 square feet of garden space.

Christopher Riccio and Matthew Pravda of Leslie J. Garfield have the listing. They did not respond to a request for comment.

Carlton House 
21 East 61st Street
Multiple Apartments
Percentage Drop: 10 percent

Last year, Gary Barnett’s Extell Development pulled in agents from several different brokerages to sell the units still lingering on the market at Carlton House.

But some apartments are still sitting around, and the company has added an extra incentive. Last week, five apartments at building got a price reduction of 10 percent.

Apartment 6E, a five bedroom, 4,000-square-foot apartment went from asking $15.5 million to asking $13.9 million. Apartment 6B, which spans 3,700 across four bedrooms, is now asking $12.6 million, after originally being listed for $14 million back in 2013. A penthouse, apartment 16A — listed for $22 million four years ago — is now on the market for $17.9 million, a $2 million reduction. Once asking $15 million, the five-bedroom apartment 5E is now asking $13.5 million. The 4,649-square-foot apartment 15A is now asking $19.3 million, down from $21.5 million.

Extell paid $175 million for the site of the Helmsley Carlton House hotel in 2010, converted the building into a 68-unit cond-op with partner Angelo, Gordon and Co. Residential sales launched in 2013. In 2015, Extell sold a 4,711-square-foot apartment for $20 million to Galina Anisimova, the ex-wife of Russian billionaire developer Vasily Anisimov.

The same year, a nearly 9,000-square-foot penthouse in the building sold for $52 million, a discount from its original asking price of $65 million.

There are nine active listings at the building, with an average price of $13.9 million, according to StreetEasy. Extell declined to comment. All of the listing brokers did not respond or declined to comment.


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