The Real Deal New York

The biggest price cuts on luxury pads
this week

A Greenwich Village townhouse received the biggest reduction
By Miriam Hall | April 05, 2017 09:00AM

Clockwise from bottom left: 4 Sutton Square, 211 East 62nd, 125 East 65th Street, 105 West 11th Street

Today’s guest judge on “Chopped”: Keith McNally?

The biggest price cut this week was at the Greenwich Village townhouse owned by McNally, the restaurateur behind famed eateries such as Balthazar, Cherche Midi and Pastis.

In total, seven pads in the $10 million-plus market received price reductions of more than 5 percent in the period from Monday, March 27 through April 3, according to data from StreetEasy.

Here’s a look at the biggest price reductions on luxury pads this week:

105 West 11th Street
Previous Price: $14 million
Current Price: $12.5 million ($2,717 per square foot)
Percentage Drop: 11 percent

McNally’s 4,600-square foot townhouse in Greenwich Village was originally built in 1842. It has five bedrooms and five full bathrooms across five floors. It also features several wood-burning fireplaces, a chef’s kitchen and a rear garden. It was first listed for $14 million in January, but was reduced by 11 percent last week. McNally, whom the New York Times has called “restauranteur who invented downtown,” paid $2.4 million for the place in 2002, 6sqft reported.

Compass’ Nick Gavin and Josh Doyle have the listing. Neither of the brokers were available for comment.

4 Sutton Square

4 Sutton Square
Previous Price: $19.5 million
Current Price: $17.5 million ($4,370 per square foot)
Percentage Drop: 10 percent

Owned by the former CEO of Abercrombie & Fitch Mike Jeffries, this 4,000-square-foot home has quite a history. Originally built in 1921 for the inventor Henry Sprague, it was later owned by Elizabeth Arden and also lived in by the Grandson of J.P. Morgan, according to the listing.

Jeffries snapped his up in 2005 for $10.9 million, city records show, and between 2005 and 2008 the home was restored and renovated by architect Daniel Romualdez, the listing claims. Jeffries, who famously refused to cut retail prices at Abercrombie & Fitch even after 17 consecutive months of store losses, first listed the home in October last year for $19.5 million. But last week he cut $2 million, or 10 percent, off the price. With three bedrooms and three full bathrooms, it features a library, a chef’s kitchen and hand-rubbed Venetian plaster walls.

Paula Del Nunzio of Brown Harris Stevens has the listing.
“They want to sell it,” she said. “If you make a reduction, you can sometimes provoke a competitive bidding situation.”

211 East 62nd Street 
Previous Price: $15.5 million
Current Price: $13.9 million ($2,577 per square foot)
Percentage Drop: 10 percent

This 5,393-square foot, five-story townhouse first hit the market asking $18 million in May 2015, and has been steadily reduced in the years since. Last week it went from $15.5 million to $13.9 million — a fall of 10 percent.

Now converted into a single-family dwelling, an apartment in the building was rented by Eleanor Roosevelt’s between 1953 and 1959, who used it for trips to the city from her primary residence in Hyde Park. It now has four bedrooms, five full bathrooms, a landscaped garden and a roof deck. It’s owned by investor Charles Ueng, who paid $9 Million For The Place in 2011 and then renovated the townhouse, according to the Wall Street Journal.

Sotheby’s International Realty’s Lauren Kende has the listing. “The market has been changing, and I think sellers in general are recognizing that things are shifting a bit in the luxury market and we are adapting to that,” she said. “Initially we did have it at a fairly aggressive price.”

125 East 65th Street, Lenox Hill
Previous Price: $29.5 million
Current Price: $26.8 million
Percentage Drop: 9 percent

Back in January last year, this 10,600-square-foot home was asking a whopping $38 million. It’s now received three severe price reductions, and is now on the market for $26.8 million — more than $10 million less than its original asking price.

The townhouse was home to the China Institute of America for around 70 years. It was sold to the current owner, identified in records as 125 East 65th Street Inc., in 2014 for $22 million. It’s since been converted into a single-family home, which features five bedrooms, six bathrooms and a 35-foot wide garden.

Sotheby’s International Realty’s Louise Beit has the listing. “I think it’s a really good buy now,” she said, adding the home has been selected for the 2017 Kips Bay Decorator Show House.

845 United Nations Plaza, 32AE 
Previous Price: $13 million
Current Price: $12 million ( $3,425 per square foot)
Percentage Drop: 8 percent

This four bedroom apartment at Trump World Tower hit the market in April 2015 with a $18.5 million price tag. Towards the end of 2016, it was yanked from the market and relisted a month later at a more modest $13 million. Last week, it was cut back by another $1 million, and is now asking $12 million.

Spanning 3,502 square feet, it features solid oak floors and a Poggenpohl kitchen. Building amenities include a private driveway and a heated saline pool and terrace.

The home is owned by Sam Rizk, according to PropertyShark, a plastic surgeon who specializes in nose jobs. Corcoran’s Michelle Griffith, who used to work for Trump International Realty and has received glowing endorsements from the First Family, has the listing. She declined to comment.