The Real Deal New York

The biggest price cuts on luxury pads
last week

An UES co-op received the largest reduction
By Miriam Hall | May 24, 2017 12:20PM

Clockwise from bottom left: 32-34 Beekman Place, 845 United Nations Plaza #32AE, 21 East 79th #12, 140 East 63rd Street PH4

This price is going under the knife.

This week, one of the biggest price cuts was at a United Nations Plaza apartment belonging to plastic surgeon, Dr. Sam Rizk. Once asking as much as $25 million, the 3,500-square-foot apartment is now on the market for a significantly reduced $10.5 million.

It’s one of 10 homes in the city’s over-$10 million market that’s been reduced by more than 5 percent in the last week, according to data from StreetEasy.

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

21 East 79th Street, 12
Previous Price: $17.9 million
Current Price: $15 million
Percentage Drop: 16 percent

This three-bedroom, 12th-floor apartment hit the market in April asking $17.9 million. A little over a month later, the home has been reduced by 16 percent, and is on the market for $15 million.

The unit has two wood-burning fireplaces, a separate staff area, library and eat-in kitchen. The building at 21 East 79th Street was designed by Van Wart & Wein in 1930, according to the StreetEasy listing, and has 12 apartments in total.

Brown Harris Stevens’ John Burger has the listing. He was not immediately available for comment.

140 East 63rd Street, PH4
Previous Price: $11.5 million
Current Price: $9.9 million ($1,963 per square foot)
Percentage Drop: 14 percent

This 5,000-square foot apartment is the last remaining sponsor unit at the Barbizon Hotel. The unit, which is being sold in “white box” condition, has five bedrooms and four bathroom across two stories. It features four exposures, as well as double thermo-pane French casement windows and reinforced artwork walls, according to the listing. Its asking price, once as high as $17.9 million, has been steadily going down since 2007, according to StreetEasy.

The developer, Barbizon Hotel Associates L.P. has been converting the 23-story hotel into condos since 2007. Last year, billionaire jeweler Nicola Bulgari sued the hotel board for “abuse” because he was forced to wait to combine his penthouse with another unit while the developer finished the work.

Sotheby’s International Realty’s Danielle Englebardt has the listing. “It’s being delivered raw, ready to be finished,” she said of the unit. “We thought with the work that needs to be done, this was a more attractive price for someone to realize their dream home.” She said that another penthouse in the building has been reduced, and they will soon list them together.

845 United Nations Plaza, 32AE
Previous Price: $12 million
Current Price: $10.5 million ($2,998 per square foot)
Percentage Drop: 12 percent

This four bedroom apartment at Trump World Tower in Turtle Bay first hit the market asking $25 million in 2014, the New York Times reported. By 2015, the price was down to $18.5 million. In 2016, it was taken off the market and relisted with a more modest $13 million price tag. In March, it was cut back by another $1 million, and was last week trimmed again — this time by 12 percent.

Now on the market for $10.5 million, the apartment spans 3,502 square feet and features solid oak floors and a Poggenpohl kitchen. The 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 facial surgery. The Corcoran Group’s Michelle Griffith has the listing. She was not immediately available for comment.

32-34 Beekman Place
Previous Price: $20 million
Current Price: $17.6 million
Percentage Drop: 12 percent

This 7,500-square foot townhouse hit the market in February asking just under $20 million. The multifamily property, which has been “re-envisioned” as a single-family home, has 67 feet of frontage and is 25-feet deep. There’s also a private garden, views of the East River, and can rebuilt from the ground up, according to StreetEasy.

The listing comes with renderings and floorplans for a five-story home, featuring four or five bedrooms, a lap pool, a landscaped roof deck, wine cellar and sauna. Corcoran’s Carrie Chiang and Richard Phan have the listing. A representative for Chiang declined to comment.

1110 Park Avenue, #H
Previous Price: $18 million
Current Price: $16 million ($3,129 per square foot)
Percentage Drop: 11 percent

Once asking $20 million back in January 2015, this sponsor unit at Toll Brothers’ 1110 Park Avenue has now reduced twice and is on the market for $16 million. This four-bedroom condo spans 5,097 square feet and has a kitchen custom-designed by Christopher Peacock, as well as a Juliet balcony. In late 2015, Toll announced it was reducing prices at the building as well as its luxury project at 400 Park Avenue South, in order to spur sales.

Last year, former Avon CEO Andrea Jung dropped $17.6 million on a five-bedroom apartment in the building.

Toll’s Julie Rosenfield has the listing. She was not immediately available for comment.