The Real Deal New York

The biggest price cuts on luxury pads
this week

A condo in Tribeca received the biggest price reduction
By Miriam Hall | March 29, 2017 07:30AM

Picture this: Yet another price chop.

This week, the biggest price reduction was at a Tribeca duplex owned by photographer Albert Watson, who received an Order of the British Empire for his lifetime contribution to photography in 2015.

In total, four pads in the over-$10 million market received price reductions of more than 5 percent in the period between March 20 and 27, according to data from StreetEasy.

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

101 Warren Street, 3450
Previous Price: $19.5 million
Current Price: $17.5 million ($4,610 per square foot)
Percentage Drop: 10 percent

Photographer Albert Watson first listed this 3,800-square-foot apartment for $21.5 million in January 2016, but it seems nobody wanted to shell out that amount for the three-bedroom pad. The price has now been slashed twice, with a 9 percent cut in June, and a 10 percent reduction last week.

The duplex has 3.5 bathrooms, a chef’s eat-in kitchen and a planted terrace stretching 130 feet, according to the listing.

Watson and his wife Elizabeth renovated the pad, replacing the floors with gray granite and adding a staircase made of glass and steel connecting the floors, Curbed reported last year.

Watson — who has photographed the likes of Kate Moss and Alfred Hitchcock — paid $13 million for the apartment to the building’s developer Edward Minskoff in 2008.

The Corcoran Group’s Robert Browne, Chris Kann and Jennifer Ireland Kubis have the listing.

20 East 65th Street 
Previous Price: $17.5 million
Current Price: $15.8 million ($2,450 per square foot)
Percentage Drop: 10 percent

This condominium townhouse was on the market for a little over a month before its asking price was cut by 10 percent. Last week, the price tag dropped from $17.5 million to $15.8 million, or about $2,450 per square foot.

The home has four bedrooms, six full bathrooms, an eat-in kitchen, a garden and library across 6,400 square feet.

The address was once home to socialite Irene Silverman, who was murdered by a mother and son who planned to steal her house. A group of investors bought the home for $10 million in 2004, according to the New York Times, and renovated the mansion into two separate townhouse condos.

Richard Steinberg, Matthew Slosar, Alexander Mignogna and Emanuele Fiore of Douglas Elliman have the listing.

“Based on the price of luxury condos in New York City we felt the price reduction was in everyone’s best interest,” said Steinberg. “We have an owner who is in California — he doesn’t use it and he’d rather adapt to market conditions than try and stand firm.”

80 Columbus Circle, 72C

80 Columbus Circle, 72C
Previous Price: $24.5 million
Current Price: $22.5 million ($7,097 per square foot)
Percentage Drop: 8 percent

First listed back in May, this condo in the Related Companies-developed Mandarin Oriental just got $2 million cheaper. Now asking $22.5 million, the four-bedroom, four-bathroom place features 50 feet of “panoramic views” and an eat-in kitchen. The owner paid $9.2 million for the place in 2005, records show.

Last month, a penthouse in the building sold for $38.9 million, which was $11.1 million below the asking price.

Compass’ Kyle Blackmon and Steven Halpern have the listing.

“We’ve been on the market for almost a year,” said Halpern, adding that this price reduction is to make the apartment more attractive to buyers. “We think it’s a very special apartment, but we know that the luxury market is slowing.”

144 Waverly Place
Previous Price: $11.7 million ($1,745 per square foot)
Current Price: $11 million
Percentage Drop: 6 percent

This Greek Revival townhouse featuring four separate units just received its second price reduction for the year. It first hit the market in October, with a price tag of $12.9 million. It was reduced by 10 percent in January, and again by 6 percent last week.

An unknown buyer paid $9 Million For The Place in 2014. Constructed as a single-family home in 1839, the building spans 6,300 square feet across a duplex and three floor-through apartments. Most of the townhouse was renovated in 2015, and there is 1,000 square feet of garden space, according to the listing.

Leslie J. Garfield’s Christopher Riccio and Matthew Pravda have the listing.

“This should create a competitive environment for bidders and we should see the asset move pretty quickly now,” said Riccio, adding that the home has a rent roll of nearly $400,000 per year.