The Real Deal New York

The biggest price cuts on luxury pads
last week

A UWS townhouse received the largest reduction
By Miriam Hall | May 31, 2017 07:00AM

Clockwise from left: 43 West 75th Street, 140 East 65th Street, 88 Central Park West #7N

UPDATED, May 31, 11:25 a.m.: With a sizable price chop, the owners of this Claude Monet-inspired townhouse are hoping it will finally make an … impression.

The 6,200-square-foot Lenox Hill home, which has a kitchen designed to resemble the one at the 19th-century artist’s home in Giverny, had its price cut by 8 percent last week, and is now on the market for $13.5 million.

In total, just three places in the over-$10 million market received price reductions of more than 5 percent last week, according to data provided by StreetEasy. That’s a significantly lower number than usual, with as many as 10 ultra-pricey pads reduced in some previous weeks.

Here’s a look at the biggest price cuts in New York City:

43 West 75th Street
Previous Price: $14 million
Current Price: $12.3 million
Percentage Drop: 12 percent ($1,484 per square foot)

This multifamily building was first listed in August for under $14 million. In late April, it was removed from the market and then relisted last week for a reduced $12.3 million. The property spans five stories across 8,250 square feet, is 22 feet wide and has a private garden, according to the listing. Built in 1910, there’s currently eight rental units in the building.

Brown Harris Stevens’ Wolf Jakubowski has the listing and is marketing it as a potential single-family conversion opportunity.

“The other houses [on the west side] have been coming down a lot,” said Jakubowski. “We think $12.25 million better reflects the market when compared to price reductions other houses have taken.”

88 Central Park West, 7N

88 Central Park West, 7N
Previous Price: $16 million
Current Price: $14.5 million ($4,142 per square foot)
Percentage Drop: 9 percent

This 3,500-square-foot apartment in the Brentmore hit the market in February 2016. Over the last 16 months, it’s been reduced little by little. Last week it was sliced by another 9 percent and is on the market for $14.5 million — down $3.5 million from its original ask.

The duplex has 55 feet of Central Park frontage, as well as four bedrooms and two full bathrooms. There’s an eat-in kitchen, leaded glass and arched doors, according to the listing.

The Brentmore was built in 1910 and converted to co-ops in 1959, according to StreetEasy. The building, between 68th and 69th streets, has been home to a slew of celebrities including Sting, Robert De Niro and Annie Leibovitz.

Douglas Elliman’s Vincent Santoro and Noble Black have the listing. Santoro declined to comment.

140 East 65th Street
Previous Price: $14.8 million
Current Price: $13.5 million
Percentage Drop: 8 percent

This 6,200-square-foot townhouse hit the market in February with a $14.8 million price tag, but nearly four months later it’s been reduced by 8 percent and is now asking $13.5 million. The home has four bedrooms and five full bathrooms, as well as an elevator, a dumb waiter and “climate controlled zones.” The four terraces overlook a cultivated Japanese garden, and there’s also a wine cellar, six fireplaces and a chef’s kitchen inspired by Monet’s home at Giverny.

The home last sold to Barbara Rogers for just under $9 million in 2011.