The Real Deal New York

The biggest price cuts on luxury pads
last week

A co-op at the Brentmore received the biggest reduction
By Miriam Hall | July 06, 2017 08:00AM

Clockwise from bottom left: 88 Central Park West #5S, 4 Bedford Street And 73 Washington Place

There’s no vacation from price chops.

Despite the July 4 holiday, three homes in the over $10-million residential market received price reductions of more than 5 percent in the last week. It’s not the first reduction for any of the pads, and at least one is now asking several million less than its original price.

Here’s a look at the biggest price reductions:

88 Central Park West, 5S

88 Central Park West, 5S
Previous Price: $13.5 million
Current Price: $11.5 million ($3,285 per square foot)
Percentage Drop: 15 percent

This 3,500-square-foot unit in the Brentmore was listed in February 2012 for $11.5 million, but was taken off the market the following year after a $1 million price drop. It was listed again in March for $13.5 million, and last week the price was reduced by 15 percent.

Now asking $11.5 million, the co-op features four bedrooms and three bathrooms, as well as a grand living room, a formal dining room, a private elevator landing, chef’s kitchen and a breakfast area with views of the park, according to the listing. Music legend Clive Davis lived in the unit and raised his children there, and it’s now being sold by Davis’ ex-wife.

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

Douglas Elliman’s Austin Schuster and Trudy Schlachter have the listing. “The owners and I talked and we thought [the price reduction] was appropriate to make a sale. … We believe this is in line with previous sales in the building,” Schuster said.

73 Washington Place

73 Washington Place
Previous Price: $12.9 million
Current Price: $12 million ($1,382 per square foot)
Percentage Drop: 7 percent

This is price cut No. 4 for this Greenwich Village townhouse. First listed for $16.9 million back in 2015, it’s now asking nearly $5 million less than its original asking price. The property comes with landmarks-approved plans for a six-floor, 22-foot wide townhouse.

The plans feature six bedrooms, more than eight bathrooms, along with a gym, a 1,000-bottle wine cellar, and a home theater. An elevator connects all six floors, and there is a kitchen garden and terraces which face both north and south. The property is also for sale as a fully renovated “turn-key” home for $29 million, according to StreetEasy.

A Compass team led by Leonard Steinberg has the listing. Steinberg was not immediately available for comment.

4 Bedford Street
Previous Price: $11.9 million
Current Price: $11.3 million ($2,538 per square foot)
Percentage Drop: 5 percent

This five-bedroom, six-bathroom West Village townhouse has been on the market since January. It’s now had its price trimmed twice. Now for sale for $11.3 million, the 4,432-square-foot Federal townhouse features an elevator, garden and a Sonos audio system with wiring for speakers across the property. The roof deck has the ability to retain water, according to StreetEasy.

The Corcoran Group’s Brian Meier, Matthew Pucker and Alex Yoel have the listing.

“Right now, there are 48 single families in the Village on the market, so the saturation is very high,” said Meier. “We aggressively want to sell the property so we came down 10 percent to spur the small market.”