The biggest price cuts on luxury pads
this week

The domed penthouse at the police building in Little Italy

TRD New York /
Apr.April 18, 2017 06:00 PM

Clockwise from bottom left: 1 West 72nd Street #77, 311 West Broadway #PHE, 240 Centre Street Penthouse and 10 Gracie Square #PHB

Fewer cops. More chops.

This week, the biggest price reduction was on a penthouse at 240 Centre Street in Little Italy, home to the New York City Police Department headquarters between 1909 and 1973.

In total, nine homes in the over-$10 million market were reduced by 5 percent or more in the period from Monday April 10 through April 17, according to data from StreetEasy. Some of the properties have been on the market for years, and several are being reduced for the third, or even fourth, time.

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

240 Centre Street, Penthouse 
Previous Price: $35 million
Current Price: $27.9 million ($5,072 per square foot)
Percentage Drop: 20 percent

This domed penthouse at the historic police building at 240 Centre Street first hit the market in November 2014, asking almost $40 million. The price was shaved back to $35 million at the start of last year, and it’s now been cut back again, this time by 20 percent.

The home has four bedrooms, and four-and-half bathrooms across 5,500 square feet. It features two terraces, two Juliette balconies, 360-degree views of Manhattan and a living room in a private cupola. Altamarea restaurant group CEO Ahmass Fakahany and wife Alsun Keogh bought the the penthouse in the mid-2000s, and combined it with the unit next door.

Herbert Chou of Warburg Realty has the listing. He couldn’t be reached for comment.

10 Gracie Square, Penthouse B

10 Gracie Square, PHB
Previous Price: $15 million
Current Price: $12.9 million
Percentage Drop: 15 percent

This five-bedroom, five-bathroom co-op has been steadily reduced since it was first listed in January 2015, asking nearly $17 million.

Last week, it was cut back by another 15 percent, and is now on the market for $12.8 million. The apartment features five bedrooms, as well as a library, a wrap-around terrace, two balconies, and four wood-burning fireplaces. Built in 1930, Gracie Square has 15 floors, 43 apartments, a private driveway and a squash/basketball court, according to StreetEasy.

John Burger of Brown Harris Stevens has the listing. He couldn’t be reached for comment.

1 West 72nd Street, 77 
Previous Price: $11.5 million
Current Price: $10.2 million
Percentage Drop: 11 percent

This nine-room apartment at the Dakota was listed for $16.7 million in January last year. But as of last week, it is asking a far more modest $10.2 million, and has been reduced a total of four times. In fact, it’s for sale for nearly $3 million less than the late Jacqueline Bikoff, said to be an Iranian pianist, ballerina and Studio 54 regular, paid for it. Property records show Bikoff spent $13 million on it back in 2010.

The co-op has a formal dining room, a library and seven wood-burning fireplaces. The chef’s eat-in kitchen has marble countertops and custom cabinetry. It’s potential claim to fame is that Judy Garland may, or may not, have once lived there. The listing broker, Katherine Gauthier of Douglas Elliman, has previously expressed doubt about that to the New York Observer. Gauthier could not be reached for comment.

311 West Broadway, PHE 
Previous Price: $12.5 million
Current Price: $11.5 million ($3,316 per foot)
Percentage Drop: 8 percent

Hollywood agent Beth Swofford owns this 3,468-square-foot condo. She’s hoping to make a profit — just not quite as big a profit she once envisioned. Swofford bought the place for nearly $10 million in 2010, and she listed it in October 2015 for $18 million. It’s been reduced four times, according to StreetEasy record, and is now on the market for $11.5 million.

The four-bedroom penthouse has a planted, wrap-around terrace designed by Piet Oudolf, who is responsible for the High Line, as well as 10-foot ceilings, custom “art specific lighting” and a separate laundry/utility room.

Leonard Steinberg, Herve Senequier, Amy Mendizabal, Calli Sarkesh and Harold Feldman of Compass have the listing. Steinberg declined to comment.

118 East 18th Street 
Previous Price: $12.5 million ($1,560 per square foot)
Current Price: $11.5 million
Percentage Drop: 8 percent

With 12 bedrooms and nine bathrooms, this five-story townhouse spans more than 7,370 square feet. Known as the Sarah Feldman House, it was built in 1868 and turned into a multifamily building in the 1960s. The 25-foot wide home has seven free-market apartments and has a cap rate of 2.3 percent, according to the StreetEasy listing. It was listed in August for $12.5 million, and last week its price was cut by $1 million, or 8 percent.

Adam Taylor and Chris Kastner of Compass have the listing. Neither broker was available for comment.

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