The biggest price cuts on luxury pads
last week

A Lenox Hill townhouse received the biggest reduction

TRD New York /
Jun.June 28, 2017 07:00 AM

Clockwise from bottom left: 16 East 69th Street, 30 Park Place #PH77B, 1150 Fifth Avenue #15A and 273 Church Street

This week it’s prices — not cakes — that are getting cut.

One of the biggest reductions over the last seven days was on the home of famed baker Sylvia Weinstock. The Church Street property, which comes with a commercial kitchen, is now asking $11.9 million — $3 million less than its original list price.

A total of 10 homes in the over-$10 million market received price reductions of more than 5 percent last week, according to data provided by StreetEasy.

Overall, the median price of a luxury pad in Manhattan is trending down. It dropped to $5.95 million in the second quarter of 2017, the lowest figure since 2011, according to Olshan Realty TRData LogoTINY. Here’s a look at the biggest price reductions:

16 East 69th Steet

16 East 69th Street
Previous Price: $55 million
Current Price: $45 million ($3,715 per square foot)
Percentage Drop: 18 percent

This 12,000-square foot townhouse belongs to the estate of Johnson & Johnson heiress Libet Johnson, who died earlier this month. The home was originally listed back in April for $55 million, but the asking price has now been pared down by $10 million. The reduction means the estate is set to sell the home for less than the $48 million Johnson paid for it in 2011. It was previously on the rental market for $95,000 per month.

Built in 1881, the home was bought by Alice Gwynne Vanderbilt, the wife of Cornelius Vanderbilt, in 1900. It features seven bedrooms, 11 bathrooms, five wood-burning fireplaces, a landscaped garden, two terraces and a private gym.

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

30 Park Place, PH77B
Previous Price: $18.9 million
Current Price: $16.5 million ($5,184 per square foot)
Percentage Drop: 13 percent

This penthouse at Silverstein Properties’ 30 Park Place hit the market more than two years ago, asking $18.9 million. Now on the market for $16.5 million, the 3,173 square-foot home has three bedrooms and four full bathrooms. It has views of the New York harbor, a terrace, a French-limestone fireplace and a separate service entry.

Last year, the building’s developer Larry Silverstein picked up a penthouse there, paying $34 million for the 80th floor unit.

Activist investor Jesse Cohn paid $30 million for a duplex in the Robert AM Stern-designed building last month, and New Jersey-based anesthesiologist Anna Sokolova dropped $13.6 million on an eight-room apartment there.

The Corcoran Group has the listing. A representative was not immediately available for comment.

273 Church Street
Previous Price: $13.5 million
Current Price: $11.9 million ($1,525 per square foot)
Percentage Drop: 12 percent

This is price cut number two for this Tribeca home owned by cake maven Sylvia Weinstock.

Built in 1910, it’s 25 feet wide and spans 7,800 square feet. It has two bedrooms, five bathrooms, has a roof deck and a commercial kitchen. Weinstock, who is now retired from baking, paid $175,000 for the home with her husband Ben in 1981, according to the Tribeca Citizen.

It was first listed in March for just shy of $15 million. It was trimmed down by 10 percent to $13.5 million soon after it hit the market. It’s now been reduced again, this time by 12 percent, and is on the market for $11.9 million. Compass’ Keith Copley and Trish Goff have the listing.

“Prices have been coming down,” said Copley. “Now we’re all back to reality and we reduced the price to generate more interest in the property.”

1150 Fifth Avenue, 15A
Previous Price: $10.6 million
Current Price: $9.5 million
Percentage Drop: 11 percent

First listed for $11.8 million in September last year, this Carnegie Hill co-op has been reduced twice, and is now asking $9.5 million. It’s owned by corporate lawyer Othon Prounis and his wife Kathy, who paid $4.4 million for it in 2006. The couple did a full renovation on the unit, according to a New York Times report.

Its claim to fame is that it was home to Alistair Cooke, the British journalist and television personality, for 50 years. Cooke worked on his famous BBC series “Letter From America” at the apartment.

The unit has 9.5-foot ceilings, and features four bedrooms and three-and-a-half bathrooms. The unit has a 30-foot gallery, and all three bedrooms have views of the park. Sotheby’s International Realty’s Randall Gianopulos has the listing. He declined to comment.

212 West 18th Street PH3
Previous Price: $42 million
Current Price: $38 million ($5,445 per square foot)
Percentage Drop: 10 percent

This apartment has been on and off the market for years. It was last listed in February, asking $42 million. It’s now priced at $38 million, following at 10 percent reduction last week.

The penthouse at the JDS Development Group-developed building has four bedrooms, five bathrooms and a 45-by-23-foot great room with Venetian plaster walls, an Italian marble wood-burning fireplace and a full-service wet bar, according to the listing.

Last week, apartment 14A in the building went into contract asking $15.2 million, according to Olshan Realty. Compass’ Toni Haber and Kyle Blackmon have the listing. Haber declined to comment.

Related Articles

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

56 Leonard Street (Credit: iStock)

He invested more than $130M into 4 Manhattan condos. Now he’s taking a hit

Due to relatively high income levels and low transportation costs, New York City is the eight most affordable of 20 major cities (Credit: iStock)

NYC is the 8th most affordable big city in America*

53 West 53rd Street, 885 Park Avenue, 70 West 45th Street (Credit: StreetEasy)

Five priciest homes to hit the market last week all over $22M

118 East 76th Street and Developer Joseph Chetrit (Credit: Google Maps and Getty Images)

Manhattan luxury home market off to worst start in seven years

Mayor Bill de Blasio (Credit: Getty Images)

De Blasio to test brokers, owners for housing discrimination

Buyer sentiment was strong at the close of 2019 (Credit: iStock)

Home buyers start 2020 with drop in mortgage rates