The Real Deal New York

The biggest price cuts on luxury pads
last week

An UES townhouse received the biggest price reduction
By Miriam Hall | May 02, 2017 05:57PM

Clockwise from bottom left: 870 Park Avenue, 28 West 76th Street, 100 East 53rd #49A, 75 Central Park West #PHA

Don Imus knows a thing or two about getting cut.

But this time, the radio show host, who was famously dropped by CBS in 2007, is doing the slicing and dicing. He’s just lowered the asking price of his Upper East Side co-op by $2 million.

In total, seven pads asking $10 million or more received price reductions of more than 5 percent, according to StreetEasy. The ultra-luxury market was sluggish last week, with just two contracts in the over $10-million market signed, Olshan Realty reported.

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

870 Park Avenue

870 Park Avenue 
Previous Price: $29.9 million
Current Price: $24.5 million ($2,279 per square foot)
Percentage Drop: 18 percent

This four-story, 25-foot wide townhouse with a facade designed by Robert A.M. Stern has quite a history with price cuts. It last sold in 2011 for $18.3 million, after a number of severe reductions.

The buyer back then, shielded by an LLC, picked up the home from Town Residential’s Lori Shabtai.

It’s now back on the market, and was first listed in October 2015, asking $29.9 million. It was delisted and re-listed in January last year for the same price — and it sat there for more than a year. Last week, it was reduced by 18 percent, and is now asking $24.5 million.

Paula Del Nunzio of Brown Harris Stevens has the listing. She was not immediately available for comment.

75 Central Park West, PHA

75 Central Park West #PHA/1D 
Previous Price: $16.5 million
Current Price: $14.5 million
Percentage Drop: 12 percent

Don Imus, the controversial radio host, listed this co-op penthouse and his accompanying ground floor apartment for $16.5 million back in January.

The three-bedroom, two-full bathroom apartment has vaulted ceilings, wood-burning fireplaces, a study, a library, an eat-in kitchen, a gym and a wraparound terrace. The penthouse comes with apartment 1D, although it can also be bought separately. The apartment is described in the listing as a “generous office/guest apartment” and comes with a gas fireplace, a private hallway and two large offices that could be converted into bedrooms.

Brown Harris Stevens’ Kathryn Steinberg has the listing. She was not available for comment.

28 West 76th Street

28 West 76th Street 
Previous Price: $18 million
Current Price: $16 million
Percentage Drop: 11 percent

This 20-foot-wide townhouse hit the market back in February asking $18 million, but it just got an 11 percent discount and is now down to $16 million. The home has been gut renovated, according to StreetEasy, and features nine bedrooms and six bathrooms across five stories and a basement. It features 12-foot ceilings, two terraces, and a landscaped garden complete with a fire pit. The home also has a two-bedroom apartment with separate access.

Sotheby’s International Realty’s Cathy Taub has the listing. She was not immediately available for comment.

100 East 53rd Street, #49A

100 East 53rd Street, #49A
Previous Price: $14.8 million
Current Price: $13.3 million ($3,914 per square foot)
Percentage Drop: 10 percent

This full-floor, 3,380-square-foot condominium at RFR’s development at 100 East 53rd Street just got $1.5 million cheaper. With three bedrooms and three full bathrooms, the apartment has 11-foot ceilings, oak flooring and southern, western, northern and eastern exposures. Foster + Partners designed the building.

Rosen told The Real Deal last year that most units at 100 East 53rd Street would not be affected by the slowdown in the luxury market, and said there is a “very vibrant market” for apartments at that particular price point.

Amenities at the building include a 60-foot swimming pool, a yoga and pilates rooms and a “highly-curated” library.

Compass’ Leonard Steinberg, Julia Hoagland and Michael Kaufman have the listing. Steinberg declined to comment.

765 Park Avenue, 11B

765 Park Avenue #11B 
Previous Price: $24 million
Current Price: $22 million
Percentage Drop: 8 percent

This is price cut No. 2 for this co-op, which was asking $26 million back in January. Just two months after its last price cut, the ask has been dropped back by another $2 million.

The home is owned by a managing director at UBS, Christopher Errico, who paid $20 million for the place in 2013, records show. The Rosario Candela-designed co-op has five bedrooms and six bathrooms, a private elevator landing, a library, wood-burning fireplaces, a media room and an eat-in chef’s kitchen. Sotheby’s International Realty’s Serena Boardman has the listing. She was not available for comment.