The Real Deal New York

The biggest price cuts on luxury pads

A penthouse at the Metal Shutter House received the biggest price cut in the last two weeks
By Miriam Hall | August 08, 2017 11:10AM

Price cuts on the city’s priciest pads have slowed in recent weeks, as sellers wait out the summer slowdown.

Just three homes asking more than $10 million have been price reduced by more than 5 percent in the last two weeks, according to data from StreetEasy. There’s also been little activity from buyers, with luxury contracts dropping to a five-year seasonal low this summer, according to data from Olshan Realty.

Here’s a look at the biggest price reductions:

524 West 19th Street, Penthouse
Previous Price: $12.9 million
Current Price: $11 million ($3,312 per square foot)
Percentage Drop: 15 percent

This penthouse in the Metal Shutter House in West Chelsea hit the market in late June for $12.9 million, but it’s now received a rather severe price cut and is asking $11 million.

The home, designed by Pritzker prize-winning Japanese architect Shigeru Ban, has four bedrooms, four bathrooms and nearly 2,000 square feet of landscaped terraces, according to the listing. The living room has a 20-foot pivoting wall that can open to create one indoor/outdoor space. It last sold in 2011 for $11.5 million, records show.

The Corcoran Group’s Robert Browne, Chris Kann and Jennifer Ireland Kubis have the listing.

Browne was not immediately available for comment.

151 East 58th Street, PH53W
Previous Price: $37.5 million
Current Price: $35 million ($7,777 per square foot)
Percentage Drop: 7 percent

First listed back in September for $37.5 million, this One Beacon Court penthouse now has a new broker and a price cut. It’s now on the market for $35 million, a 7 percent reduction on its last asking price. The owner bought it for $18.5 million in 2010, using an LLC called “Credit Nikomu,” records show.

The three-bedroom, four-and-a-half bathroom home has 200 linear feet of 12-foot high glass ceilings as well as staff quarters, the listing says. It’s not the only unit at the building — which features a fitness center, entertainment suite and 24-hour doorman — to see dramatic price cuts. Billionaire Steven Cohen has been forced to chop the price of his apartment there several times since it hit the market asking $115 million.

Corcoran’s Frans Preidel and Cary Tamura have the listing of Penthouse 53 West. Preidel was not immediately available for comment.

46 East 83rd Street
Previous Price: $18.5 million
Current Price: $17.5 million ($2,326 per square foot)
Percentage Drop: 5 percent

Since it was first listed in June of 2016 for $21 million, this townhouse has seen its price steadily drift down. After its third price cut, it’s now on the market for $17.5 million, a $1 million drop from its most recent asking price.

The home spans 7,522 square feet, and features six bedrooms, six bathrooms, a planted garden, media room and sauna. It also has an elevator and an “entertainment penthouse.”

Corcoran’s Carolyn Levitan has the listing. She was not immediately available for comment.