The biggest price cuts on luxury pads
this week

An apartment in the Plaza Hotel had the greatest reduction

New York /
Jul.July 26, 2017 07:00 AM

We’re halfway there… how much more can we chop?

Singer/arena football team owner/New Jersey legend Jon Bon Jovi plucked $1.3 million off the asking price of his duplex at 150 Charles Street, making it one of the biggest price reductions on luxury pads this week.

This week just four single-family homes in the over $10-million market got price reductions of more than 5 percent. That’s significantly fewer than previous weeks.

1 Central Park South. 1601
Previous Price: $18.3 million
Current Price: $15 million ($5,647 per square foot)
Percentage Drop: 18 percent

This three-bedroom, three-and-a-half bathroom apartment at The Plaza hit the market in April 2015 asking $18.3 million. After no bites, it was pulled from the market last year. In April, it was back for sale with a slightly bumped up asking price.

Last week, a massive 18 percent was knocked off the price, and it’s now down to $15 million. The apartment spans 2,656 square feet and features views of Central Park. Owners at The Plaza have access to all the hotel amenities. The unit last sold for $10 million in 2007, records show.

Engel & Volkers’ Howard Morrel, Leslie Hirsch and Alina Pogorelova have the listing.

“The seller is motivated to transact,” Morrel said. “There are a few properties for sale at the building and we want to be in line with the market…. I think that things will always sell when they are at the right price.”

Apartment 1801, which is owned by Bolat Nazarbayev, a fertilizer tycoon and the brother of Kazakhstan strongman Nursultan Nazarbayev, has also had millions knocked from the asking price.

242 East 58th Street
Previous Price: $18.5 million
Current Price: $17 million ($1,686 per square foot)
Percentage Drop: 8 percent

Listed for $20 million in January, this property is now on the market for $17 million after two price cuts. Built in 2009, it spans seven stories and includes “numerous” bedrooms and bathrooms. The property can be used for both residential and retail. It features a chef’s kitchen, and can also be converted into three separate homes, according to the listing.

Randall Property Group Diana Lipsig has the listing with Eklund Gomes team at Douglas Elliman. The brokers declined to comment.

150 Charles Street, 4BS
Previous Price: $17.3 million
Current Price: $16 million ($3,956 per square foot)
Percentage Drop: 8 percent

Jon Bon Jovi’s just cut the price of his apartment at 150 Charles Street. The rocker listed the apartment last month for $17.3 million, but has clearly lowered expectations. It’s now on the market for $16 million. He’s also marketing the apartment as a combined sale with with an adjacent unit in the building.

The 4,031-square-foot corner apartment has four bedrooms, four and a half bathrooms, windows with views of the Hudson River, hardwood floors, a fireplace and a landscaped terrace, according to the listing. The singer bought it for $12.8 million in 2015, using his real name, John Bongiovi.

The Corcoran Group’s Robby Browne, Chris Kann and Jennifer Ireland Kubis have the listing. Browne did not return a request for comment.

137 Duane Street, 3A
Previous Price: $15 million
Current Price: $14 million ($2,403 per square foot)
Percentage Drop: 7 percent

This Tribeca loft just got $1 million cheaper. The loft has three bedrooms and four-and-a-half bathrooms across 5,822 square feet. There are 14-foot ceilings, a library and media room with a built-in wet bar and projection screen, according to the listing. Records show the seller paid $6.2 million for it in 2014.

Douglas Elliman’s Fredrik Eklund and John Gomes have the listing. The brokers were not immediately available for comment.


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