These luxury pads had the biggest price chops last week

A co-op at 740 Park received the biggest cut

TRD New York /
Jul.July 20, 2017 08:00 AM

UPDATED, 9:35 a.m., July 21:
Will a price cut at the “gingerbread house” lead to a happy ending?

The owners of landmarked home in Brooklyn slashed 18 percent off the asking price last week, making it one of the biggest price chops in the luxury market.

In total, 10 homes in the over-$10 million market were reduced, according to data from StreetEasy.

Here’s a look at the biggest reductions:

740 Park Avenue 4/5D
Previous Price: $27.5 million
Current Price: $22.5 ($3,000 per square foot)
Percentage Drop: 18 percent

Once asking $29.5 million in 2013, this 7,500-square-foot duplex just got its second price haircut since hitting the market — a reduction of 18 percent. The home, owned by investor Peter Huang, has five bedrooms, five-and-a-half bathrooms, a marble staircase, a south-facing library and a eat-in kitchen. The Rosario Candela-designed co-op building is very popular with the billionaire set. Current residents include David Koch and Steven Schwarzman. John D. Rockefeller Jr. also called the white-glove building home for many years.

A unit in the building — which was the childhood home of Jacqueline Kennedy Onassis — just sold earlier this month for $25 million, down from an original asking price of $44 million.

Compass’ Kyle Blackmon has the listing. He was not available for comment.

8220 Narrows Avenue
Previous Price: $10.9 million
Current Price: $9 million ($1,566 per square foot)
Percentage Drop: 18 percent

This quirky home in Bay Ridge is nearly 100 years old, and has been on and off the market since 2009, according to the New York Post. Now, the sellers of Brooklyn’s “gingerbread house” are cutting into the price. Back in 2013, it was asking $11 million, and it has since jumped from brokerage to brokerage, and even been pulled from the market. Last year, it was re-listed and the price has now been reduced by $2 million, or 18 percent. The landmarked home was designed by architect James Sarsfield Kennedy for the shipping mogul Howard Jones. It has six bedrooms, five-and-a-half bathrooms across more than 5,700 square feet, and features a music conservatory.

Raymond Reis and David Reis of Keller Williams NYC have the listing. They could not be immediately reached for comment.

147 East 63rd Street
Previous Price: $14 million
Current Price: $11.5 million ($1,974 per square foot)
Percentage Drop: 18 percent

This limestone townhouse has tested the market at a few price points, according to StreetEasy. The owners — and LLC that bought it from former Warner music executive and current Blade CEO Rob Wiesenthal — paid $10.5 million in 2015.

It was first listed in January for $12 million, and the price was bumped up to as much as $14 million in a series of price amendments in recent months. Last week, it was reduced by 18 percent. But, keep in mind, it was increased by 17 percent just a few days earlier.

The home has a 30-foot garden, two terraces, an elevator that serves all five floors, and five bedrooms and four bathrooms across 5,800 square feet.

Elegran Real Estate’s Chris Fry has the listing.

“The townhouse market has been pretty tough,” Fry said. “We’re fighting with a lot of competition out there. It’s an uphill battle.”

90 Furman Street, N1007
Previous Price: $10.5 million
Current Price: $9.5 million ($2,226 per square foot)
Percentage Drop: 10 percent

This five-bedroom, four-bathroom apartment at Toll Brothers’ 90 Furman Street got a $1 million, or 10 percent, cut from its price last week. It’s now asking $9.5 million. The apartment at the project spans 4,187 square feet.

Earlier this year, Stribling’s Elizabeth Ann Stribling-Kivlan picked up a $2.9 million condo there.

In March, Cadre’s Marcos Alvarado bought an apartment in the building for $3.7 million. Corcoran’s Deborah Rieders, Sarah Shuken and Raquel Lomonico has the listing.

The brokers could not be reached for comment.

124 East 64th Street
Previous Price: $14.3 million
Current Price: $13.3 million ($2,366 per square foot)
Percentage Drop: 7 percent

This seven-floor townhouse was last on the market asking $14.3 million. Last week, $1 million was knocked off the asking price.

The apartment has 11 rooms spread across 5,600 square feet. The unit comes with heated floors, an elevator, six working fireplaces, an eat-in kitchen and 2,000 square feet of outdoor space.

Douglas Elliman’s George Vanderploeg, Lucille Corrier and Steffen Kral have the listing.

“It has the most exquisite finishes in townhouse I’ve seen,” said Corrier. “They want to sell. We’ve had it on the market since March. The townhouse market has been relatively soft and they are motivated sellers. They feel the best way to show how motivated they are is to reduce the price.”

Correction: An earlier version of this story incorrectly stated that 124 64th Street sold in January.

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