The biggest price cuts on luxury pads this week

A penthouse at 53 Leonard Street received the biggest reduction

TRD New York /
Mar.March 23, 2017 07:30 AM

There are some price chops you can’t run from.

One the biggest reductions on the city’s luxury pads was at a townhouse that served as the longtime home to the New York Road Runners organization. The six-floor property had its asking price dropped by $2 million last week, a discount of 10 percent.

In total, eight pads in the city’s over-$10 million market received price reductions of more than 5 percent between March 13 and 20, according to data from StreetEasy. While there have been some early signs the city’s luxury market is heating up, it seems there are still plenty of sellers making price reductions in order to move product.

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

53 Leonard Street, PH 
Previous Price: $18 million
Current Price: $13.5 million ($4,118 per square foot)
Percentage Drop: 25 percent

This 3,279-square-foot penthouse first hit the market in May 2016, with a price tag of $18 million. It’s switched brokers twice and is now in the hands of Compass. Last week, the price was shaved to $13.5 million — a severe price reduction of 25 percent.

Holger Bartel, CEO of media commerce company Travelzoo, paid $5.8 million for the place in 2010, and is now trying to make a tidy profit from it. The apartment has three bedrooms, three bathrooms, a private guest suite and five “architecturally designed gardens,” according to the listing.

Josh Doyle and Nick Gavin of Compass have the listing. Neither broker was available for comment.

9 East 89th Street 
Previous Price: $20 million
Current Price: $18 million ($1,747 per square foot)
Percentage Drop: 10 percent

Built in 1902, this six-floor townhouse in Carnegie Hill spans 10,285 square feet. There’s an elevator, 13-foot ceilings and a “Parisian-style” Juliette balcony overlooking 89th Street. The building is owned by Fred Lebow, the New York City marathon co-founder and the former president of the New York Road Runners. The 23-foot-wide townhouse was used as the organization’s headquarters from 1981 until recently.

The Harkov Lewis team at Halstead Property has the listing.

“It’s just about bringing it in line to where we feel the market is today,” said Ari Harkov of the price reduction, adding that he’s shown the property several times since lowering the price. “There is a fair amount of inventory of larger, higher priced homes, particularly on the Upper East Side.”

273 Church Street 
Previous Price: $15 million
Current Price: $13.5 million ($1,730 per square foot)
Percentage Drop: 10 percent

This five-story home in Tribeca is owned by noted cake maker Sylvia Weinstock. Built in 1910, it’s 25 feet wide and has 7,800 square feet. It has two bedrooms, five bathrooms, a roof deck and a commercial kitchen. Weinstock, who is now retired from baking, paid $175,000 for the home with her husband Ben in 1981, according to the Tribeca Citizen.

Keith Copley, Pascual Ortiz and Trish Goff of Compass have the listing. Ortiz declined to comment on behalf of the team.

60 East 66th Street
Previous Price: $20 million
Current Price: $18.5 ($1,893 per square foot)
Percentage Drop: 8 percent

This 9,700-square-foot Lenox Hill townhouse first hit the market in November last year asking $20 million. Last week, it got a 8 percent price reduction and is now on the market for $18.5 million. The building, constructed in 1910, has 10 free-market units and is 80 percent leased. The leases have cancellation clauses, according to the listing, which means it could be converted into a single-family home. The property’s owner is Joseph Sitt’s Thor Equities, sources said.

Leslie J. Garfield’s Matthew Lesser, Ravi Kantha, Jed Garfield and Caylyn Sullivan have the listing.

Lesser said the sellers are now motivated to move the property. “The price is more inline with where the market is,” he said of the discounted price.

71 Laight Street, PHC 
Previous Price: $19 million
Current Price: $17.9 million ($3,580 per square foot)
Percentage Drop: 6 percent

After more than three years on and off the market at an asking price of $20 million, Taconic Investment Partners has succumbed and reduced the ask of its Sterling Mason penthouse. It’s now on the market for $17.9 million.

All other penthouses at the Morris Adjimi-designed building have sold, but Penthouse C so far hasn’t budged. Until now, its never been discounted.

The four-bedroom, 4,987-square-foot duplex features a 1,065-square Foot Terrace, a 40-foot-long great room, Library And Terrace.

Douglas Elliman’s Roger Erickson, Bruce Ehrmann and Christopher Morales have the listing. “It’s an appropriate time to reduce the price,” said Ehrmann. “It’s priced to sell.”


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