The biggest price cuts on luxury pads last week

A penthouse at 50 United Nations Plaza received the biggest price reduction

TRD New York /
Mar.March 16, 2017 07:00 AM

Clockwise from bottom left: 50 UN Plaza PH38, 33 East 74th Street PH2, 121 Washington Place, 244 East 48th Street

From name dropping to price chopping.

One of the biggest price reductions in the city’s luxury market last week was a West Village townhouse that boasts an impressive guest list. Muhammad Ali, Patti Smith and Hillary Clinton have all been there, according to the listing.

In total, 12 properties asking more than $10 million received price reductions greater than 5 percent in the period between Monday March 6 through Tuesday, March 14, according to data from StreetEasy.

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

50 UN Plaza, PH38

50 United Nations Plaza, PH38 
Previous Price: $25.2 million
Current Price: $20 million ($3,385 per square foot)
Percentage Drop: 21 percent

This nearly 5,900-square-foot penthouse at Zeckendorf Development’s 50 UN Plaza hit the market in December, asking $25.25 million. Last week, $5.3 million was shaved off the price tag, a discount of 21 percent.

The condominium features five bedrooms, two staff bedrooms, 6.5 bathrooms and a windowed, eat-in kitchen. The building amenities include a 75-foot swimming pool, fitness center and valet parking. Sales launched for the building in 2013, and less than half of the units closed in the first two years. In December, another penthouse in the building asking $24.2 million went under contract. In 2015, the Permanent Mission of the State of Qatar bought four apartments at the condo tower for $45 million.

Zeckendorf’s in-house marketing team has the listing.

33 East 74th Street, PH2
Previous Price: $35 million
Current Price: $29.5 million ($6,090 per square foot)
Percentage Drop: 16 percent

Once asking $37 million, this penthouse at the Whitney Condos on the Upper East Side just received its second reduction since it first hit the market in May. The 10-unit boutique conversion was developed by Healthcare entrepreneur Daniel Straus, and sales began in 2014.
The four-bedroom duplex has 4,844 square feet, as well as 2,867 square feet of outdoor space. There’s 10-foot ceilings, solid oak flooring, custom molding and millwork, according to the listing. Beyer Bell Architects and Champalimaud Design did the interiors.

There are currently three active sales at the building, according to StreetEasy, with an average price of $6,061 per square foot.

Douglas Elliman’s Katherine Gauthier and Lauren Muss have the listing.

121 Washington Place

121 Washington Place
Previous Price: $16.8 million
Current Price: $14.5 million ($2,900 per square foot)
Percentage Drop: 14 percent

This 22-foot-wide West Village townhouse has quite a few claims to fame. It was built in 1831 and, according to the listing, has been a meeting place for a number of “luminaries.” The poet Edwin Arlington Robinson wrote his collection “The Town Down the River” at the house and Frances Perkins, the first woman appointed to a United States Cabinet position (Secretary of Labor), lived there.

Patti Smith, writer Willa Cather, Muhammad Ali, Jimmy Carter and Hillary Clinton have all visited the house, according to the description on StreetEasy. Last week, the price was slashed from $16.8 million to $14.5 million, a reduction of 13 percent.

It is now owned by entertainment attorney Rosemary Carroll and record industry executive Danny Goldberg. Incidentally, Carroll is godmother to Frances Bean Cobain — the daughter of Courtney Love and the late Kurt Cobain.

The home has four bedrooms, four-and-a-half bathrooms, as well as six wood burning fireplaces and an Otis elevator. The English-style cottage in the backyard has a sky lit studio with a fireplace, a sleeping loft and a full bathroom, according to the listing.

Douglas Elliman’s Leslie Mason is marketing the home. She declined to comment.

244 East 48th Street
Previous Price: $13 million
Current Price: $11.5 million ($1,642 per square foot)
Percentage Drop: 12 percent

First listed for $14.6 million in June last year, this Turtle Bay townhouse has received several price reductions. Last week, it was reduced by another $1.5 million, or 12 percent.

The 7,000-square-foot home has just undergone a two-year renovation, according to the listing. It has seven bedrooms, eight bathrooms, a south-facing garden and a north-facing terrace on the sixth floor. Each level can be reached by a hydraulic elevator.

The pad was staged by Meridith Baer, an interior designer to the likes of Madonna and Julia Roberts, the New York Post reported last year.

Dane Hope of Leslie J. Garfield has the listing. He said the property is owned by a group of people, including developers. “With Midtown it takes a bit longer to find the right buyer, but with the new price reduction showings have picked up exponentially,” he said. He added the home is currently rented for $45,000 per month.

215 Sullivan Street, THA
Previous Price: $22.5 million
Current Price: $20 million ($2,688 per square foot)
Percentage Drop: 11 percent

This six-bedroom, seven bathroom townhouse at Broad Street Development’s condo conversion sold for $17.4 million in March last year. The buyer, who used an LLC, is hoping to make some quick cash — and put it back on the market for $22.5 million in December.

Last week, the seller downgraded expectations and dropped the price by 11 percent. It’s now on the market for $20 million. The 7,400-square-foot home has a wine cellar, 2,000 square feet of outdoor space and a chef’s kitchen with Italian cabinetry.

Douglas Elliman’s Raymond Dillulio, Fredrik Eklund, John Gomes and Lisa Interdonato have the listing. The brokers were not available to comment.

Related Article

Steve Croman and 566 Hudson Street (Credit: Google Maps, iStock)

Steve Croman sued over illegally deregulating apartments

Census tract 135 and Stellar Management's Larry Gluck (Credit: Getty Images and Stellar Management)

How a small stretch of land on the Far West Side became an Opportunity Zone

Crowdfunding platform launches $20M Opportunity Zone fund

Brokerage megateams are having a moment

Views from Central Park Tower’s topping out

The Daily Digest - Tuesday

The trade war could cool down the e-commerce boom, Tom Barrack’s firm makes an aggressive bet on tech: Daily digest

Corcoran CEO Pam Liebman 

After data breach, Corcoran attempts a lockdown. But agents
are talking

195 Broadway and L&L Holding's David Levinson and Robert Lapidus (Credit: Google Maps and L&L Holding)

JPMorgan’s asset arm selling 195 Broadway for $800M