The biggest price cuts on luxury pads
this week

A co-op unit in Lenox Hill received the biggest price reduction

TRD New York /
Apr.April 11, 2017 06:27 PM

Clockwise from bottom left: 18 West 75th Street, 360 Furman Street Unit 1131, 635 Park Avenue 2, 39 East 67th Street

The owner of Arthur Scribner’s former home is desperate to turn the page.

One of the biggest price reductions in New York City condominiums, co-ops or townhouses in the past week was on the Scribner mansion at 39 East 67th Street. The property, where book publisher Arthur Scribner once lived, saw a $3 million chop.

In total, seven pads asking $10 million and above saw price reductions of more than 5 percent in the period between April 3 and April 10, according to data provided by StreetEasy.

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

635 Park Avenue, 2 
Previous Price: $12.5 million
Current Price: $11 million
Percentage Drop: 12 percent

This Park Avenue co-op unit first hit the market in January for $12.5 million. Three months later, the price has been slashed by 12 percent.

The unit has five bedrooms and four full bathrooms, according to the listing. It was designed by turn-of-the-century architect J.E.R. Carpenter, and now has a private elevator landing, a library and a “banquet-sized” dining room. Brown Harris Stevens’ Edward Joseph and Jean Michael have the listing.

“The market in that price range has definitely slowed down, and since we’ve dropped the price interest has really picked up,” said Joseph.

39 East 67th Street 
Previous Price: $27.5 million
Current Price: $24.5 million
Percentage Drop: 11 percent

Known as the Scribner mansion, this townhouse was originally built in 1877 and then transformed in 1904 for publishing magnate Arthur Scribner and his wife Helen. In 2014, it sold for the first time in 50 years, for $22.5 million.

The plan was to do a gut renovation and restoration, Curbed reported, and work had already been approved by the Landmarks Preservation Commission. But the new owner seems to have changed tack, setting sights on a $8.5 million profit by listing it for $31 million in May 2016.

But there were no bites at that price — nor at $27.5 million or $24.5 million. They are now trying their luck at $24.5 million, just $2 million above what it sold for in 2014.

The demolition work has been done, and townhouse is now being marketed as a fixer-upper. It has six floors across 11,000 square feet, as well as a 1,600-square-foot garden. There’s an elevator, eight fireplaces and a four-story extension complete with glass covered conservatory.

Stribling’s Merrill Curtis, Megan Duryea Scott and Amanda Cannon have the listing. Scott declined to comment on behalf of the team.

18 West 75th Street
Previous Price: $19.5 million
Current Price: $17.5 million ($2,043 per square foot)
Percentage Drop: 10 percent

First listed back in October for $19.5 million, this Upper West Side townhouse has now been reduced by 10 percent. Long Island-based investment firm Omek Capital paid $11.3 million for the home in 2015.

Then a 10-unit building, it’s since been extensively renovated into a 8,564-square-foot townhouse. Spanning seven floors, it has five bedrooms, six full bathrooms, as well as an elevator, a south facing garden, gym, Wine Cellar And Rooftop Terrace.

Compass’ Leonard Steinberg, Herve Senequier, Harold Feldman, Amy Mendizabal and Calli Sarkesh have the listing.

“We’ve dropped the price to as we’re launching, so that people can see the finished product with a price that is more in line with the market and competitive with other properties,” said Senequier. “The spring market was definitely a bit late this year. But from mid-April, as soon as we finish with the holidays — provided there’s no craziness from international politics — we’ll see things start to move.”

360 Furman, Unit 1131

360 Furman Street, 1131
Previous Price: $23.9 million
Current Price: $21.5 million ($2,580 per square foot)
Percentage Drop: 10 percent

One of Brooklyn’s most expensive listings just got a little bit cheaper. It was listed in June 2016 for $23.9 million. But last week, the apartment received a 10 percent price reduction.

The One Brooklyn Bridge Park home spans 8,333 square feet, and features five bedrooms, a chef’s kitchen, a wine cellar that holds 3,500 bottles, and a screening room. If the apartment were to sell at that price, it would set a record for the borough. Right now, the most expensive condo sold in Brooklyn was a triplex in the clocktower building, which closed earlier this month for $15 million. Sotheby’s International Realty’s Karen and Alan Heyman have the listing. The brokers did not respond to a request for comment.

18 East 93rd Street 
Previous Price: $11.9 million
Current Price: $10.9 million
Percentage Drop: 8 percent

This six-bedroom townhouse hit the market in June 2015 for $16.5 million, and has been steadily reduced in the years since. Last week, it received its fourth reduction, and is now on the market for $10.9 million — more than $5 million less than its first asking price.

The home spans five floors and is 20 feet wide, and includes nine fireplaces, an eat-in kitchen and a south-facing garden. It was built in 1893 by Walter Reid and his son Walter Reid Jr., according to StreetEasy. It’s owned by psychologist Richard Wessler, records show.

Douglas Elliman’s Suzanne Sealy has the listing. She could not be reached for comment.

“The seller is ready to go,” Sealy said. “It was listed at a full price — probably a little higher than it ought to have been. … But it’s a good opportunity for someone right now.”

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