The Real Deal New York

The biggest price cuts on luxury pads this week

Townhouse in Lenox Hill received the largest price reduction
By Miriam Hall | February 23, 2017 07:00AM

Something old, something new. Something borrowed, something … price-reduced?

A townhouse in Lenox Hill belonging to wedding dress designer Demetrios James Elias had its asking price shaved by 22 percent, dropping from $24.9 million to $19.5 million.

It was one of five townhouses that had their price dropped by more than 5 percent in the period from Feb. 13 through Feb. 20, according to data supplied by StreetEasy.

Here’s a look at the other biggest price cuts in New York City for the week:

107 East 61st Street 
Previous Price: $24.9 million
Current Price: $19.5 million
Percentage Drop: 22 percent

The asking price of this palatial townhouse has dropped nearly $10 million since it first hit the market in September 2015. Back then, it was asking $29 million but it has received several price cuts and two brokerage switches since. Last week, the price was dropped from $24.9 million to $19.5 million, a reduction of 22 percent.

The 8,500-square-foot home features six bedrooms, seven bathrooms, a chef’s kitchen and a south-facing terrace. There’s also a 40-foot, salt-water swimming pool, a two-car garage and an elevator.

The townhouse is owned by wedding dress designer Demetrios James Elias, records show. The Corcoran Group’s Randy Baruth and Leighton Candler have the listing.

“There seems to be a larger supply of townhouses on the market,” said Baruth. “When we originally listed it, we were in line with the comps. But a number of townhouses have had significant price reductions. We don’t want to be behind the market.”

427 East 85th Street 
Previous Price: $17.9 million
Current Price: $15.9 million ($1,590 per square foot)
Percentage Drop: 11 percent

This 10,000-square-foot townhouse has seen its asking price slashed by more than $5 million in less than a year. It was first reduced last month, with the price going from $21 million to $17.9 million. Just last week, it was reduced by another 11 percent and is now on the market for $15.9 million.

The six-bedroom, eight-bathroom townhouse has six floors, all of which can be reached by elevator. There’s a gated forecourt, a service entry and a white-marble front hall with an 18th-century French fireplace. The property features an irrigated garden, roof deck, terrace, and a small basketball court on the top floor.

The owners are Paul and Deborah Galant, who paid $2.7 million for the house in 2000, according to property records. Brown Harris Stevens’ TRData LogoTINY Paula Del Nunzio has the listing. She was not available for comment, but told The Real Deal last month the owners have been waiting for Construction On The Second Avenue subway to finish before stepping up their efforts to sell the property.

208 East 18th Street 
Previous Price: $13 million
Current Price: $11.7 million ($1,800 per square foot)
Percentage Drop: 10 percent

This 25-foot-wide townhouse has five bedrooms and six bathrooms across 6,500 square feet. There’s also a gym, a formal dining room, theater, heated floors and a private elevator.

The home hit the market last November, asking $13 million. Last week, it was reduced by 10 percent, and priced at $11.7 million. Douglas Elliman’s Frances Langbecker has the listing, She said there’s been significant buyer interest in the property since the reduction, but declined to comment further.

160 East 70th Street 
Previous Price: $10.9 million
Current Price $10 million
Percentage Drop: 9 percent

Built in the 1870s, this five bedroom, 7,590-square-foot townhouse belongs to the estate of famed graphic artist Elaine Lustig Cohen. It first hit the market last month, asking $10.9 million. Last week it was reduced by $1 million, or 9 percent. The home has five bedrooms and six bathrooms across five stories, and features a south-facing garden, terrace and two balconies, according to the listing.

Cohen, who died in October, is best known for her book cover and jacket designs, museum catalogs and buildings signage. She moved into the house in 1962 and, along with her second husband, Arthur A. Cohen, she ran a rare-book store called Ex Libris on the garden floor of the townhouse.

David Kornmeier and Jasna Perucic of Brown Harris Stevens have the listing. Neither broker was available for comment.

19 West 12th Street 
Previous Price: $28.5 million
Current Price: $26.5 million
Percentage drop: 7 percent

This townhouse, which has been owned by both actress Meryl Streep and heir Libet Johnson, just got a little bit cheaper. Streep bought the home in 1995 for $2.1 million and sold to Johnson a decade later for $9.1 million. The current owner is the countess and entrepreneur Elisabeth de Kergorlay, who paid $13.5 million for it in 2008. Now, it could be yours, for $26.5 million — a 7 percent reduction on its most recent price.

First listed a year ago for $34.9 million, the five-story home was constructed in the late Greek Revival style in 1945, according to the listing. It is 25 feet wide, 52 feet deep and features five bedrooms and five bathrooms.

Corcoran’s Pamela Johananoff, Leighton Candler and Bradley Comisar have the listing. None of the brokers were available for comment.