This 834 Fifth Avenue co-op just got a $20M price cut

The 12K sf unit is now asking $76M

New York /
Sep.September 13, 2017 02:00 PM

It was once the city’s priciest listing asking $120 million, but a 12,000-square-foot co-op at 834 Fifth Avenue is back on the market with a significantly reduced price tag of $76 million.

Susan Gutfreund — widow of John Gutfreund, the “King of Wall Street” financier and villain in the book “Liar’s Poker” — listed unit 7/8a in April 2016.

She sliced the price back to $96 million five months later but, even with that discount, one broker described that price tag as “absurd.”

Gutfreund is obviously hoping this most recent price drop — a decrease of 21 percent, according to StreetEasy — will be more appealing in the current market. Recent analysis from The Real Deal showed the while the number of co-op sales peaked in the first half of 2014, and remained steady in the first half of 2017 — hovering between 50 and 60 — the dollar volume plummeted 33 percent, from $900 million to $600 million over the same period.

The 20-room duplex features Central Park views, a marble staircase, a library as well as a walk-in steel safe for storing silver. There’s also an outside chauffeur’s room and a room-sized wine cellar.

John Burger and Richard Ziegelasch of Brown Harris Stevens have the listing, along with Larry Kaiser of Berkshire Hathaway HomeServices New York Properties.

“The price adjustment reflects the price of the last transaction in the building in this size category. The seller is using that as the comparable.” said Burger. “It Is The Single Largest Fifth Avenue apartment, built as original apartment. … It has amazing views, incredible light and soaring ceilings.”


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