The biggest price cuts on luxury pads this week

Gut-renovated NoMad penthouse saw the biggest reduction

TRD New York /
Feb.February 01, 2017 07:30 AM

Clockwise from bottom left: 45 East 30th Street PHB, 4 Sutton Place 1011FL, 22 East 95th Street and 192 Columbia Heights

A gut-renovated NoMad penthouse just gained a resistance pool. But this pad, along with six others, is not seeing a whole lot of resistance — on the price front.

In total, seven properties in the over-$10 million price range received price reductions of more than 5 percent between Jan. 23 through Jan. 30, according to data from StreetEasy.

The biggest cut was on a penthouse at 45 East 30th Street, which saw its price slashed last week by a whopping 21 percent. The 4,400-square-foot condominium went from asking $18.9 million to $14.9 million.

Here’s a look at the biggest chops of the week:

45 East 30th Street, PHB 
Previous Price: $18.9 million
Current Price: $15 million ($3,388 per square foot)
Percentage Drop: 21 percent

This 4,412-square-foot penthouse first hit the market back in September, asking a pretty steep $18.9 million. Last week it was slashed by $4 million, a reduction of 21 percent. The owner, which records show to be an Alfred Kahn, bought it for $5 million in 2012.

The three-bedroom, three-bathroom condo has undergone a three-year, multi-million-dollar renovation, according to the listing. It stretches across three floors, and has nearly 2,000 square feet of exterior space. The entire second floor is designed as a master suite. There’s also a chef’s kitchen, views of the Chrysler and Empire State buildings and two outdoor terraces with a bar and fire pit. The features a resistance pool on one of its six terraces.

Douglas Elliman’s Howard Margolis, Marie Espinal and Jeff Adler have the listing. Adler said the owners are now more motivated to sell the apartment, and the market conditions are changing, which is the reason behind the price cut.

Margolis added that when they originally priced the apartment, they were looking at comparable prices from closings on properties that happened two years ago. “Prices are very different now than they were then,” he said. “This price is more in line of what the market will bear.”

4 Sutton Place, 1011FL

4 Sutton Place, 1011FL 
Previous Price: $12.9 million
Current Price: $11.8 million
Percentage Drop: 10 percent

This five-bedroom, six-bathroom co-op runs the entire 10th and 11th floor of 4 Sutton Place, a Rosario Candela-designed building. The co-op has a private elevator landing, three Juliet balconies and a Louis XV-styled library with oak paneling. There’s a separate maid’s room, and each of the three guest rooms have ensuites. The unit also has a laundry room with vented washer/dryer.

Built in 1928, the building has a 14-story, red brick facade with a limestone base. Dolly Lenz of Dolly Lenz Real Estate has the listing. She did not return a request for comment.

22 East 95th Street 
Previous Price: $14.9 million
Current Price: $13.5 million ($1,776 per square foot)
Percentage Drop: 9 percent

This six-bedroom, eight-bathroom Carnegie Hill townhouse spanning 7,600 square feet has now been slashed three times. First listed with Stribling for $16.9 million in 2014, it’s since had an agent change and been removed from the market. Last week, $1.4 million was slashed from its asking price, a drop of 9 percent, and is now available for a $13.5 million.

The house was built in 1899 and designed by architect Thomas Graham. Records show Michael Graff bought in 2001. It has an elevator that reaches each of the six floors, a curving staircase and a south-facing garden. The roof is accessible and could accommodate a penthouse and roof garden.

Douglas Elliman’s George Vanderploeg, Steffen Kral and Charles Vanderploeg have the listing. “It’s brought people out of the woodwork,” said George Vanderploeg of the price reduction. While there has been a drop back in the city’s most expensive properties, he said, townhouses priced under $15 million are selling well. On the Upper East Side last year, there were 27 sales of single-family homes, compared to 20 in 2015 and 30 in 2014, according to Vanderploeg. “The difference however, is that there were fewer deals over $15 million,” he said.

192 Columbia Heights

192 Columbia Heights 
Previous Price: $14.5 million
Current Price: $13.2 million ($2,038 per square foot)
Percentage Drop: 9 percent

There was a time when the owners of this 6,500-square-foot Brooklyn Heights townhouse hoped to set a record.

Don and Saundra Cornwell listed the property for $16 million back in 2014 which, had they found a buyer at that price, would’ve made it the most expensive property sold in the borough. Nearly three years later, however, the home is still on the market and has undergone a series of price cuts and agent switches.

Last week, it was slashed again, and went from an asking price of $14.5 million to $13.2 million, a drop of 9 percent.

The townhouse has seven bedrooms, three full bathrooms and views of the harbor, Lower Manhattan, Brooklyn Bridge and Lady Liberty, according to the listing. Built in 1859, it has five floors, two terraces, a backyard, three working fireplaces, floor-to-ceiling bay windows, a walnut-and-cherry staircase and original oak parquet flooring. The residence also includes three full baths and two powder rooms.

Karen and Alan Heyman of Sotheby’s have the listing. They did not respond to a request for comment.

50 Gramercy Park North, 8AB

50 Gramercy Park North 8AB 
Previous Price: $10.8 million
Current Price: $10 million
Percentage Drop: 8 percent

This full-floor condop has four bedrooms and four full baths across 4,700 square feet. First listed in November for $10.8 million, the apartment saw its price reduced by $850,000, or 8 percent last week. The unit has a fireplace, library, eat-in kitchen, library and formal dining room. Constructed in 1925, the building at 50 Gramercy Park was designed by Robert T. Lyons. It has 17 floors and 23 apartments.

The building has attracted same famous — and infamous — people over the years. Chanel creative director Karl Lagerfeld sold his unit in the building in 2013 for $4.5 million, $2 million less than he paid for it. The same year, Icelandic financier and convicted fraudster Jón Ásgeir Jóhannesson listed his apartment at 50 Gramercy Park North for $10.9 million.

In 2014, fashion designer Derek Lam picked up a unit there for $4.8 million.

Michelle Griffith and Avi Alkotzer of the Corcoran Group have the listing. They did not return a request for comment.

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