The biggest price cuts on luxury pads
last week

An Upper East Side townhouse received the biggest reduction

New York /
May.May 09, 2017 06:00 PM

An Upper East Side townhouse comes with a price cut, and a panic room — but no young Kristen Stewart.

The East 78th Street home, which also has a bulletproof door for the extra nervy, received one of the biggest reductions this week and is now available for a discounted price of $31.5 million.

In total, 10 pads asking $10 million and above received price cuts of more than 5 percent, according to data provided by StreetEasy. In general, New York City sellers are becoming more negotiable. During the first quarter of the year, the number of sales in Manhattan, Brooklyn and Queens jumped 24 percent year-over-year. Listing discounts, which increased in every sector of the market, helped drive that activity.

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

12 East 80th Street 
Previous Price: $35 million
Current Price: $30 million ($2,995 per square foot)
Percentage Drop: 14 percent

Built in 1885, this 10,000-square foot home is the only remaining townhouse of the five brownstones designed by Charles Graham & Sons for the real estate family B.A. and G.N. Williams, according to the listing.

The home features seven bedrooms, nine full bathrooms, four fireplaces and three laundry facilities. There’s a total of 1,300 square feet of outdoor space, including a garden, three terraces and a roof deck. An elevator reaches all eight floors, and there’s also an astroturfed playroom. The home was first listed in November for $35 million, but last week received a reduction of $5 million, or 14 percent. Jewelry wholesaler Joseph Abramoff paid $300,000 for the home in 1974, the Wall Street Journal reported last year.

David Kornmeier of Brown Harris Stevens has the listing, a co-exclusive with the Corcoran Group. Kornmeier was not immediately available for comment.

635 Park Avenue #2 
Previous Price: $11 million
Current Price: $9.9 million
Percentage Drop: 10 percent

This is the second price cut in a matter of weeks for this Park Avenue co-op. Designed by turn-of-the-century architect J.E.R. Carpenter, the home first hit the market in January asking $12.5 million. Three months later, the price was slashed by 12 percent to $11 million.  Last week, the ask was cut by another 10 percent, and it’s now on the market for $9.9 million.

It has five bedrooms, four full bathrooms, a private elevator landing, a library and a “banquet-sized” dining room. Brown Harris Stevens’ Edward Joseph and Jean Michael have the listing.

“We have very serious sellers,” said Joseph of the two reductions in a matter of weeks.

12 East 13th Street, #PH 
Previous Price: $16 million
Current Price: $14.5 million ($2,533 per square foot)
Percentage Drop: 10 percent

This triplex apartment, a regular on the price cut circuit, just got its third discount for the year.

The 5,700-square-foot home at DHA Capital and Continental Properties’ development hit the market in November 2013 for $28.4 million. Seven months later, the asking price was lifted to $30.5 million, and then dropped last November by more than $10 million to $20 million. In January the price was sliced back to $18.5 million, then down to $16 million in March.

It seems the sponsors are getting pretty keen to sell — it’s been on the market for more than three years now, and they’ve cut the price down to $14.5 million, a reduction of 10 percent. The four-bedroom, four-bathroom unit has two 900-square-foot private terraces, a private internal elevator and an eat-in kitchen, according to the listing.

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

215 East 12th Street
Previous Price: $11 million
Current Price: $10 million ($1,990 per square foot)
Percentage Drop: 10 percent

Kate Spade co-founder Pamela Bell owns this 5,000-square-foot home, which she first listed in June last year for $16 million. Bell has scaled back her price aspirations, it appears, and the house is now on the market for $10 million, following a 10 percent discount.

The six-bedroom, four-bathroom townhouse also comes with a separate townhouse, a garden and 5,000 of buildable square feet, according to StreetEasy. It’s also available to rent for $40,000 per month.

Farrah Kleiner of Sloane Square has the listing. She could not be immediately reached for comment.

20 East 78th Street 
Previous Price: $34.5 million
Current Price: $31.5 million ($3,595 per square foot)
Percentage Drop: 9 percent

Designed by architect David Easton and built in 1899, this seven-bedroom townhouse hit the market in May asking $38 million.  Along with the standard luxury features — a gym, mud room and wine cellar — the home has a very intense security system. There’s a key-card entry gate, a bullet-proof front door, and a “panic room.” The townhouse belongs to hedge fund manager Michael Price and his wife Jennifer, according to city records, who paid $14 million for it in 2003. It was previously owned by socialite Pia Getty.

Serena Boardman of Sotheby’s International Realty has the listing. She was not immediately available for comment.


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