$50M PH at Mandarin Oriental sells for 22% discount

4,800 sf condo at 80 Columbus Circle was asking over $10,000 psf

New York /
Feb.February 02, 2017 12:31 PM

It turns out $50 million was just too high. Amid a softer luxury market, a mystery buyer just snagged a penthouse at the Mandarin Oriental for $38.9 million — $11.1 million below asking price.

The buyer — identified as 80CC77B Inc. in public records — paid $38.9 million for PH 77B, which hit the market in 2015 asking $10,362 per square foot.

The purchase price works out to a more reasonable $8,062 per square foot. Elizabeth Sample and Brenda Powers of Sotheby’s International Realty TRData LogoTINY had the listing.

The seller, a corporation known as Red Cherry Worldwide Inc., paid $17.3 million for the apartment at 80 Columbus Circle in 2006, property records show.

Red Cherry, an entity registered in the British Virgin Islands, is linked to Japanese businessman Shozo Ohtani, founder of Zentek Technology, according to the Offshore Leaks database, which is published by the International Consortium of Investigative Journalists.

After buying the apartment, Red Cherry listed it briefly in 2010 for $35.5 million.

The discount is in line with the softening high-end market.

In December, Extell sold a full-floor unit at One57 for $45.8 million, $12.7 million below the last asking price of $58.5 million. At 432 Park Avenue, buyers who signed contracts and closed on units in 2016 got an average discount of 10 percent. Lewis Sanders, former CEO of AllianceBernstein, paid $60.9 million for his 88th-floor penthouse, 10 percent less than the $76.5 million initial price.


Related Articles

arrow_forward_ios
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)
For 15 years, David Koch lived at the world’s “richest building”
For 15 years, David Koch lived at the world’s “richest building”
Blackstone's Stephen Schwarzman with MGM Grand Las Vegas and Mandalay Bay in Las Vegas (Getty)
Blackstone sells MGM Grand, Mandalay Bay stakes
Blackstone sells MGM Grand, Mandalay Bay stakes
Holiday Inn at 99 Washington Street (Google Maps, Getty)
Facing foreclosure, world’s tallest Holiday Inn files for bankruptcy
Facing foreclosure, world’s tallest Holiday Inn files for bankruptcy
Hyatt CEO Mark Hoplamazian and Dream Hotel Group founder Sant Singh Chatwal with 355 West 16th Street in Manhattan NYC (Hyatt, Dream Hotel)
Hyatt to acquire Dream Hotel Group for up to $300M
Hyatt to acquire Dream Hotel Group for up to $300M
Maefield Development's Mark Siffin and 20 Times Square (aka 701 Seventh Avenue) (Getty, Edition Hotels)
Massive loan on Maefield’s 20 Times Square in trouble
Massive loan on Maefield’s 20 Times Square in trouble
From left: 608 Fifth Avenue, 22 North Loop Road, 38 West 36th Street (608 Fifth, Weiss/Manfredi, Morphosis, and Handel Architects, Apartments, Getty)
Top 10 Manhattan loans: Big lending enters deep freeze
Top 10 Manhattan loans: Big lending enters deep freeze
Sonesta Hotels’ John Murray and The Shelburne Hotel (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Affinia, Sonesta)
TRD Pro: Biggest hotel sales of the past year
TRD Pro: Biggest hotel sales of the past year
Midwood's John Usdan and 150 East 78th Street (Midwood Investment & Development)
Midwood sells $33M penthouse at UES condo project
Midwood sells $33M penthouse at UES condo project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...