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

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

TRD 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
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Here are the week’s top luxury sales
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”
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Here are the week’s top luxury sales
Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

New York’s CRE woes could spread nationwide: investors

New York’s CRE woes could spread nationwide: investors
Magna CEO Robert Indeglia with the Courtyard by Marriott 307 West 37th Street and the Fairfield Inn & Suites at 325 West 33rd Street (Google; Magna)

Magna Hospitality emerges as New York’s hotel vulture

Magna Hospitality emerges as New York’s hotel vulture
1 Prospect Park West and 557 9th Street in Park Slope (StreetEasy; Google Maps)

Park Slope homes lead Brooklyn’s luxury deals this week

Park Slope homes lead Brooklyn’s luxury deals this week
Ashkenazy Acquisition's Ben Ashkenazy and Marriott East Side at 525 Lexington Avenue (Google Maps)

Lawsuit accuses Marriott of misappropriating funds at East Side hotel

Lawsuit accuses Marriott of misappropriating funds at East Side hotel
389 Bergen Street and 219 Jefferson Street (Google Maps)

Nearly $30M in Brooklyn luxury contracts signed last week

Nearly $30M in Brooklyn luxury contracts signed last week
arrow_forward_ios

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

Loading...