The Real Deal New York

The biggest price cuts on luxury pads
last week

Two condos at Hines’ 53W53 received the biggest reduction
By Miriam Hall | July 12, 2017 07:00AM

Clockwise from bottom left: 53 West 53rd Street #53B,
53 West 53rd Street #28B, 15 Central Park West #8B, 15 Central Park West #14D

Even supertalls — or at least the apartments inside — need a chop sometimes.

Hines, the company developing the residential skyscraper near the Museum of Modern Art at 53 West 53rd Street with Singapore’s Pontiac Land Group and Goldman Sachs, has significantly cut the asking price on two condominium units in the building.

Overall, the number of price cuts picked up pace following a July 4th-inspired slowdown. A total of 13 pads in the over-$10 million market were reduced last week.

Here’s a look at the biggest reductions:

53 West 53rd Street, 53B
Previous Price: $13.8 million
Current Price: 12.2 million ($3,616 per square foot)
Percentage Drop: 12 percent

This 3,360-square-foot condominium at the Jean Nouvel-designed tower hit the market in February asking $13.8 million. Six months later, after no bites, the price has been cut by 12 percent. The condo unit has three bedrooms, three-and-a-half bathrooms, interiors by Thierry Despont, an eat-in kitchen and a master bathroom with Verona limestone slab floors and Noir St. Laurent marble and Peruvian golden travertine feature walls.

Condos in the tower hit the market in 2015, after long delays. The Corcoran Group is marketing units in the building.

53 West 53rd Street, 28B
Previous Price: $11 million
Current Price: $9.8 million ($3,352 per square foot)
Percentage Drop: 11 percent

This two-bedroom duplex was first listed back in 2015 asking just shy of $11 million. It was taken from the market in 2016, and a year later re-listed at the same price. Last week, its price was cut by 11 percent and it’s now on the market for $9.8 million. The master bath also features radiant heated floors.

15 Central Park West 8B

15 Central Park West, 8B
Previous Price: $33 million
Current Price: $29.5 million ($8,481 per square foot)
Percentage Drop: 11 percent

Corporate lawyer Gerald E. Ross was hoping to make a pretty penny on his 3,478-square-foot apartment, but now he’s set his sights a little lower than before. He first listed the condo — for which he paid $11.1 million in 2007, according to records — back in February for $33 million.

He’s still aiming at a hefty profit, but he’s dropped the price down to $29.5 million, a reduction of 11 percent. The apartment, which LLNYC recently toured for its open-house series, is in the “house section” of the Robert A.M. Stern-designed building. It features five bedrooms, four-and-a-half bathrooms, oak herringbone floors, 10-foot-high ceilings and a private wine cellar capable of holding 1,000 bottles. Jacques Cohen of Compass has the listing. He could not be immediately reached for comment.

15 Central Park West, 14D

15 Central Park West, 14D
Previous Price: $34.5 million
Current Price: $31.5 million
Percentage Drop: 9 percent

Owned by philanthropist Jeffrey Walker and his wife Suzanne, this four-bedroom, four-and-a-half bathroom apartment has now been price reduced twice since it was first listed for $38 million in March.

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

In May, Sting and his wife Trudie Styler put their duplex in the building on the market for $56 million. Bob Diamond, 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 could not be immediately reached for comment.

36 East 64th Street
Previous Price: $18 million
Current Price: $16.5 million (Approximately $2,357 per square foot)
Percentage Drop: 8 percent

This five-story townhouse has five bedrooms and five-and-a-half bathrooms across approximately 7,500 square feet. Built in 1881, it also has eight fireplaces, an elevator reaching all floors, 10-to-12-foot-high ceilings and a glass-framed stairway, according to the listing. There’s Also A Decked Roof Terrace with city views.

First listed in September for nearly $18 million, it’s On The Same Street as the former Wilderstein Mansion, which sold for $79.5 million in April. An LLC registered to investment banker Gunter Frangenberg, who was recently hired to work at Guggenheim Securities, owns the home, according to PropertyShark.

Corcoran’s Leighton Candler and Jennifer Garabedian and Douglas Elliman’s Lauren Muss have the listing. A broker could not be immediately reached for comment.