The biggest price cuts on luxury pads

An UWS townhouse received the biggest reduction

New York /
Aug.August 23, 2017 07:00 AM

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.


Related Articles

arrow_forward_ios
(iStock)
In 2020, Wells Fargo rejected nearly half its Black applicants for a mortgage refinance
In 2020, Wells Fargo rejected nearly half its Black applicants for a mortgage refinance
Fairfield County (iStock)
Looking for a home in Connecticut? Good luck
Looking for a home in Connecticut? Good luck
Nasser family’s Fifth Ave co-op sells for $35M, a third off asking price
Nasser family’s Fifth Ave co-op sells for $35M, a third off asking price
Nasser family’s Fifth Ave co-op sells for $35M, a third off asking price
Brooklyn luxury contracts heat up in first week of October
Brooklyn luxury contracts heat up in first week of October
Brooklyn luxury contracts heat up in first week of October
Single-family home sales inched upward in August
Single-family home sales inched upward in August
Single-family home sales inched upward in August
New lease signings broke August records in Manhattan and Brooklyn, but fell short of activity seen in April, May and June as return-to-office plans were delayed. (iStock)
Manhattan, Brooklyn break August leasing records, but fall short of spring rebound
Manhattan, Brooklyn break August leasing records, but fall short of spring rebound
Leasing activity in New York City is on the rise, but there are hints of cooling as inventory and concessions fade. (iStock)
Another record month for new leases as Covid discounts dry up
Another record month for new leases as Covid discounts dry up
Bidding wars occurred in 35 percent of North Fork home sales. (iStock)
Bidding wars drive Long Island home prices to new highs
Bidding wars drive Long Island home prices to new highs
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...