The Real Deal New York

The biggest price cuts on luxury pads

Four of the homes' asking prices were slashed by more than 15 percent
By Miriam Hall | September 13, 2017 07:00AM

Clockwise from bottom left: 4 Sutton Place, 151 East 58th Street #47A, 993 Fifth Avenue #7 and 180 Sixth Avenue, PHA

Price chopping this week was through the roof. The very roof some of these owners are trying hard to escape.

Reductions on the city’s most expensive homes’ price tags slowed over the summer. But last week, more than 20 pads in the over-$10 million market were discounted by more than 5 percent, according to data from StreetEasy.

Here’s a look at the biggest price cuts:

180 Sixth Avenue, PHA
Previous Price: $25 million
Current Price: $21 million ($3,972 per square foot)
Percentage Drop: 16 percent

First listed back in 2013 for $28 million, this penthouse just got its second price cut since hitting the market. It’s the largest penthouse in the building, known as One Vandam, and spans 5,286 square feet. It features four bedrooms, a private elevator and an eat-in kitchen. The rooftop level has a 1,400 square foot terrace with a sunken spa.

Sean Turner of Stribling has the listing.

4 Sutton Place, 10/11
Previous Price: $12.5 million
Current Price: $10.5 million ($1,909 per square foot)
Percentage Price: 16 percent

Once asking $18 million, this 5,500-square-foot co-op has been on and off the market — with various brokerages — since 2013. The four-bedroom home spans the 10th and 11th floors and has a wood-burning fireplace, three juliet balconies and a wood-panelled library.

The Real Deal recently looked at the challenges of selling pricey co-ops on the Upper East Side. Warburg Realty’s Arlene Reed and Andrea Wernick have the listing.

993 Fifth Avenue, 7
Previous Price: $24.9 million
Current Price: $21 million ($4,200 per square foot)
Percentage Drop: 16 percent

This home hit the market back in May, asking just short of $25 million. The price of the five-bedroom, six-and-half bathroom co-op has now been sliced back to $21 million. The encompasses the 7th floor, and comes with a private elevator vestibule, a large gallery, a sitting room, a library, an oversized kitchen, and wood-burning fireplace.

In 2011, Craig Huff, the co-CEO of hedge fund Reservoir Capital Group, and his wife purchased the entire sixth floor in the building.

Douglas Elliman’s Judith Lederer has the listing.

151 East 58th Street, 47A
Previous Price: $14 million
Current Price: $11.8 million ($3,858 per square foot)
Percentage Drop: 16 percent

This 3,058-square-foot home belongs to Scott Kurnit, the chair of shopping website Keep.com. It hit the market for $14 million last October and has been steadily trending down since. It has floor-to-ceiling windows, 11-foot-high ceilings, custom flooring, views of the city and Central Park, a kitchen outfitted and custom closet spaces. Its price was reduced earlier this year.

Compass’ Victoria Shtainer and Gabriel Zapata have the listing.

“I had a long conversation with my owner,” Shtainer said. “We feel that $11.8 million is where the market is today. We have had renewed interest in the apartment and more activity.”

770 Park Avenue, PHA
Previous Price: $15 million
Current Price: $12.9 million
Percentage Drop: 14 percent

Jim Sowell, the principal and founder of private equity firm Sowell and Company, listed this three-bedroom, four-bathroom co-op for $15 million in June.  The home features a wraparound terrace, views of Central Park, a wood-burning fireplace and a private landing.

Douglas Elliman’s Diana Mulqueen has the listing.