The biggest price cuts on luxury pads
last week

A Yorkville townhouse received the largest reduction

TRD New York /
Jun.June 13, 2017 05:30 PM

As summer approaches, the price-chop gods are turning up the heat on a bevy of Manhattan townhouses.

In total, 15 homes asking $10 million and above saw price reductions of more than 5 percent last week, according to data from StreetEasy.

Here’s a look at the five biggest price chops in the city:

427 East 85th Street
Previous Price: $14.5 million
Current Price: $12 million ($1,195 per square foot)
Percentage Drop: 18 percent

This 10,000-square-foot townhouse is now on the market for almost half its original asking price. It was first listed in May 2016 for $21 million, and has now been reduced four times.

The six-bedroom, eight-bathroom townhouse has six floors. There’s also an elevator, a gated forecourt, a service entry and a white-marble front hall with an 18th-century French fireplace. The property also features an irrigated garden, roof deck, terrace and a small basketball court on the top floor. The current owners, Paul and Deborah Galant, paid $2.7 million in 2000 for the home. Brown Harris Stevens’ TRData LogoTINY Paula Del Nunzio has the listing. She was not immediately available for comment.


163 East 64th Street
Previous Price: $25 million
Current Price: $22.5 million ($2,812 per square foot)
Percentage Drop: 10 percent

First listed for $35 million back in 2008, this five-bedroom, eight-bathroom home just received its 10th price adjustment, according to StreetEasy. The home is owned by commercial broker Kenneth D. Laub, who has been dropping and raising the price for nearly a decade now. In 2009, Laub told the Observer that “if I’m overpriced then so be it … if someone feels that the house is worth what I think it is worth, then they’ll buy it. And if not, then they won’t.”

Clearly, nobody did think it was worth it, and Laub is now trying his luck with a $22.5 million price tag, $12.5 million less than the original ask. The 8,000-square-foot home has five bedrooms, five full bathrooms and eight fireplaces. It also features a state-of-the-art wood-paneled elevator, a garden roof terrace, a library and a living room inspired by the Fragonard Room at the Frick Collection, according to StreetEasy.

Douglas Elliman’s Sabrina Saltiel and Allison Chalfin have the listing. Neither were available for comment.

20 East 65th Street, 1
Previous Price: $15.8 million
Current Price: $14.3 million ($2,218 per square foot)
Percentage Drop: 10 percent

This condominium townhouse just got its second price cut since hitting the market for $17.5 million in February. The home — which has four bedrooms, six full bathrooms, an eat-in kitchen, a garden and library across 6,400 square feet — is now on the market for $14.3 million.

The house was once owned by socialite Irene Silverman, who was murdered by a mother and son who planned to steal her house. Some investors bought it for $10 million in 2004, according to the New York Times, and renovated the mansion into two separate townhouse condos.

Richard Steinberg, Matthew Slosar, Alexander Mignogna and Emanuele Fiore of Douglas Elliman have the listing.

“We have an absentee owner. He lives in California. … He would just like to get rid of it,” said Steinberg.

68 East 91st Street
Previous Price: $16 million
Current Price: $14.5 million
Percentage Drop: 9 percent

A little more than a month after it was listed for $16 million, this five-bedroom, five-bathroom home just got a $1.5 million shaved from the asking price. The home, built in 1889, now features a 20-foot-tall glass-walled living room, a south-facing landscaped garden, a library, an eat-in chef’s kitchen, two working fireplaces and a 5,000-bottle wine cellar.

The Corcoran Group’s Cathy Franklin, Alexis Bodenheimer and Marion Smith have the listing. None of the brokers were immediately available for comment.

15 Central Park West, 14D

15 Central Park West, 14D
Previous Price: $38 million
Current Price: $34.5 million ($8,273 per square foot)
Percentage Drop: 9 percent

Philanthropist and financier Jeffrey Walker listed his apartment at Zeckendorf’s 15 Central Park West for $38 million back in March. Last week, he cut the price down to $34.5 million, a reduction of 9 percent.

Walker and his wife Suzanne paid $21 million for the home in 2007, and have done extensive renovations. The four-bedroom, four-bathroom apartment spans 4,170 square feet. It features a built-in wet bar, an eco-friendly ethanol fireplace and a master suite with 19 feet of Central Park frontage.

Last month, Sting and his wife Trudie Styler put their duplex in the building on the market for $56 million.

Bob Diamond, the former CEO of Barclays, also recently found a buyer for his penthouse there, reportedly a Chinese national who paid $50 million, sources told The Real Deal.
Compass’ Kyle Blackmon has the listing. He was not immediately available for comment.


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