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.”


Related Articles

arrow_forward_ios
Manhattan and Brooklyn saw all-time records in lease signings in April (iStock)
April leases soared across city; so did concessions
April leases soared across city; so did concessions
Council member Ben Kallos and Airbnb CEO Brian Chesky (Getty, iStock)
City Council bill would tighten screws on Airbnb
City Council bill would tighten screws on Airbnb
Blackstone CEO Stephen Schwarzman (Getty, iStock)
Blackstone buys San Diego apartment complexes in $1B deal
Blackstone buys San Diego apartment complexes in $1B deal
City Council Majority Leader Laurie Cumbo and 840 Atlantic Avenue (Getty, Google Maps)
Atlantic Avenue project gets haircut — and is rejected anyway
Atlantic Avenue project gets haircut — and is rejected anyway
Opendoor CEO Eric Wu (iStock)
Opendoor revenue bounces back in Q1
Opendoor revenue bounces back in Q1
Joan Rivers and 1 East 62nd Street (Getty, Sotheby's)
Joan Rivers’ longtime UES penthouse hits the market for $38M
Joan Rivers’ longtime UES penthouse hits the market for $38M
Clockwise from top left: Scott Stringer, Maya Wiley, Raymond McGuire, Andrew Yang and Shaun Donovan (Getty)
What do Brooklyn homes cost? Don’t ask these candidates
What do Brooklyn homes cost? Don’t ask these candidates
Exhausting other options, buyers flock to fixer-uppers
Exhausting other options, buyers flock to fixer-uppers
Exhausting other options, buyers flock to fixer-uppers
arrow_forward_ios

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

Loading...