The biggest price cuts on luxury pads last week

Six apartments at the W Hotel and Residences received the largest reduction

TRD New York /
Mar.March 08, 2017 07:00 AM

The former home of Alfred Hitchcock composer Franz Waxman is getting something of a (Hitch) chop.

One of the biggest price cuts last week was on an Upper East Side townhouse once home to Waxman, who wrote the scores for some of the filmmaker’s thrillers.

A total of 20 homes in the city’s over-$10 million market saw price chops of more than 5 percent in the period between Feb. 27 through March 6, according to data from StreetEasy.

Many of these pricey pads have already been reduced several times. Some have even seen their price tags drop by more than $10 million since first hitting the market.

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

123 Washington Street, PH56
Previous Price: $22.5 million
Current Price: $17.4 million ($3,175 per square foot)
Percentage Drop: 23 percent

This collection of six apartments — which are being sold individually or together — at the Moinian Group’s W Downtown Hotel and Residences first hit the market last April, asking $31.8 million. Since then, the group has received two severe price drops. In August, the asking price was cut back to $22.5 million.  Last week, the ask was reduced to $17.3 million, a fall of 23 percent.

The building has a history of ups and downs. Construction started in 2006, but was stymied by stop-work orders and stalled by the recession. By 2013, it was on its fourth marketing team. The following year, however, Moinian set a Financial District record by selling two penthouses for more than $2,400 per square foot.

Compass’ William Stafford has the listing. He said the reduction is because of the waning luxury market, but also because the building now has to compete with new development in the area.

“It took a bit of time for me to speak to Mr. Moinian about this – but we’ve now decided to drop the price,” he said, adding that interest in the apartments has picked up since the reduction. “For a while he thought he’d keep them for his family, but he’s decided to get rid of them and get working on other projects.”

12 East 13th Street, PH 
Previous Price: $18.5 million ($2,805 per square foot)
Current Price: $16 million
Percentage Drop: 14 percent

This apartment — which has sat on the market for nearly three-and-a-half years — just got its second price reduction for 2017. The 5,700-square-foot triplex at DHA Capital and Continental Properties’ development hit the market in November 2013 for $28.4 million. Seven months later, the asking price was lifted to $30.5 million, and then dropped last November by $10 million to $20 million. In January the price was chiseled down to $18.5 million. Now it’s on the market for $16 million, a further drop of 14 percent.

The four-bedroom, four-bathroom sponsor unit has two 900-square-foot private terraces, according to the listing.

DHA and Continental paid $32 million for the 45,000-square-foot property in 2012. Apartments in the building hit the market in 2013, ranging from $7.5 million to $28.5 million for the top triplex. Steven Fisch of Continental Properties Told The Wall Street Journal at the time that the companies were seizing on the limited supply of ultra luxury properties in the city.

Compass’ Herve Senequier, Leonard Steinberg, Amy Mendizabal and Calli Sarkesh are marketing the apartment.

“These sellers are serious about selling,” said Steinberg of the reduction. “And realistic sellers are handsomely rewarded.” He said the original price of $35 million was “completely out of the realm of reality,” but the developers wanted to test the market.

17 East 83rd Street 
Previous Price: $22.5 million
Current Price: $20 million
Percentage Drop: 11 percent

This 7,400-square-foot home has seven bedrooms and four bathrooms, as well as a limestone foyer, a chef’s kitchen and a mahogany-paneled commercial elevator. First listed in October 2015 for $24.5 million, it has since received two price reductions. Last week, the ask was dropped from $22.5 million to 20 million, a fall of 11 percent.

The townhouse owners — who property records show to be Louis and Patrice Friedman — paid $2.8 million for it in 1998, according to StreetEasy.

Douglas Elliman’s Sabrina Saltiel and Jennine Gourin have the listing. The brokers declined to comment.

140 Franklin Street, 5B 
Previous Price: $22.5 million
Current Price: $20 million ($3,204 per square foot)
Percentage Drop: 11 percent

This five-bedroom Tribeca apartment, which belongs to J.Crew CEO Millard Drexler, has seen its asking price tumble by more than $15 million since it was first listed nearly two years ago.

The 6,200-square-foot apartment features 11-foot ceilings, Brazilian floors and an 82-foot-wide living room. The interiors are courtesy of French designer Thierry Despont. When it first hit the market, the Modlin Group had the listing. Now the apartment is the in the hands of CORE’s Jim St. Andre and Shaun Osher.

The brokers were not available comment.

46 East 56th Street 
Previous Price: $20 million
Current Price: $18 million ($1,755 per square foot)
Percentage Drop: 10 percent

This 10,300-square-foot townhouse has four separate units across six stories. It features three large terraces, and “multiple balconies” — and will be delivered vacant, according to the listing. There’s an elevator that reaches all floors, as well as six wood-burning fireplaces, south and north exposures and hardwood floors with original inlays.

The townhouse once belonged to the aforementioned Franz Waxman, whose composition credits include “Bride of Frankenstein” and “Sunset Boulevard,” as well as Hitchcock’s “Rebecca” and “Rear Window.”

The home hit the market in February 2016, asking $22.5 million. Its price tag has now been reduced three times — most recently last week, when it was slashed by 10 percent.

Sandra Balan and Samantha Pinkowitz of Brown Harris Stevens have the listing. They were not available for comment.


Related Articles

arrow_forward_ios
(iStock)

Manhattan co-op sales prices saw 11% drop in Q2

Manhattan co-op sales prices saw 11% drop in Q2
(iStock)

Manhattan vacancy hits new peak; Brooklyn stable

Manhattan vacancy hits new peak; Brooklyn stable
200 Water Street and 31 Prospect Park West (Google Maps)

Brooklyn’s luxury deal totals rise for 3rd straight week

Brooklyn’s luxury deal totals rise for 3rd straight week
Metro areas with less affordable housing drive high-income buyers to eye homes in lower-income neighborhoods at disproportionate rates (iStock)

TRD Insights: Gentrification happening fastest in least affordable cities

TRD Insights: Gentrification happening fastest in least affordable cities
Gov. Andrew Cuomo has given the go-ahead to reopen schools for in-person learning statewide (Getty; iStock)

School’s back on. Will the NYC resi market follow suit?

School’s back on. Will the NYC resi market follow suit?
New York’s real estate market is becoming two different stories: Manhattan, where deals are falling — and the suburbs, where demand is spiking. (iStock, Unsplash)

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
(Images courtesy of Victor Group)

The Getty condo chops prices up to 53%

The Getty condo chops prices up to 53%
arrow_forward_ios

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

Loading...