The Real Deal New York

The biggest price cuts on luxury pads

An UWS townhouse received the biggest reduction
By Miriam Hall | August 23, 2017 07:00AM

There’s not much of a summer break where price cuts are concerned.

There’s certainly not been mass reductions, however. Just three homes in the over-$10 million market received price cuts of over 5 percent last week, according to data provided by StreetEasy. August is particularly quiet, with high-end buyers usually somewhere cooler. But last week was particularly slow, with no contracts on pads asking $10 million or more, something that hasn’t happened since the week of Hurricane Sandy in 2012, according to the most recent Olshan report.

Here’s a look at the biggest reductions:

25 Bond Street, 4W
Previous Price: $12.9 million
Current Price: $11.9 million ($3,285 per square foot)
Percentage Drop: 8 percent

This renovated Noho apartment hit the market back in May, asking $12.9 million. Last week, a million was shaved from the asking price. The recently renovated home has three bedrooms, three-and-half bathrooms, and features floor to ceiling windows, a SONOS system and comes with two car spaces. It last sold in 2013 for just over $9 million, according to records.

The apartment used to span the entire fourth floor of the Goldman Properties-developed building, and during that time actor/singer Will Smith rented it for $85,000 a month, according to Curbed. The entire pad was previously on the market for $19.5 million, but it was then sliced into two separate units.

Douglas Elliman’s Suzanne Bakst has the listing. She declined to comment.

308 West 88th Street
Previous Price: $15 million
Current Price: $13.8 million ($1,616 per square foot)
Percentage Drop: 8 percent

When this 8,505-square-foot townhouse debuted on the market in June 2016, the sellers were shooting for $16 million. Two price drops later, and it is now down to a $13.8 million asking price. The 21-foot wide home has five bedroom, six full bathrooms, two half-baths, and around 1,335 square feet of outdoor space. There’s also a temperature-controlled wine cellar, a gym and a laundry room.

It last sold for $3.8 million in 2010, records show. Douglas Elliman’s Samuel Berry, Noble Black and Sabrina Saltiel have the listing. Saltiel declined to comment.

3 East 94th Street
Previous Price: $29.5 million
Current Price: $27.5 million ($2,791 per square foot)
Percentage Drop: 7 percent

This 25-foot-wide townhouse previously belonged to the late Edward Gilligan, the president of American Express until he died after taking ill on a corporate jet in 2015. The six-bedroom, eight-bathroom home was first listed for $29.5 million in November last year, but seven percent was shaved from the ask last week.

Gilligan bought the townhouse in 2010 for $18.5 million from developer Aby Rosen, who had bought it in 2005 for $8.8 million from former Hearst Magazines president D. Claeys Bahrenburg. The home features five wood burning fireplaces, a wood-paneled library, terrace and house garden.

Douglas Elliman’s Sabrina Saltiel has the listing. She declined to comment.