The Real Deal New York

The biggest price cuts on luxury pads

A UES co-op was slashed by $20M
By Miriam Hall | September 20, 2017 07:00AM

Clockwise bottom left: 1 West 72nd Street #52, 48 East 91st Street, 1 Central Park South 509, 834 Fifth Avenue 7/8A

Expensive co-ops were in the firing line for price reductions last week, with chops going on at some of the city’s toniest buildings.

The biggest discounts were at 843 Fifth Avenue and the Dakota, but the chops didn’t stop there. In total, 10 ultra-luxury homes’ asking prices were reduced by more than 5 percent last week.

Here’s a look at the biggest price cuts:

834 Fifth Avenue, 7/8A
Previous Price: $96 million
Current Price: $76 million
Percentage Drop: 21 percent

This 12,000-square co-op was once the most expensive listing in the city, asking $120 million. It received its second severe price cut last week, and is now asking $76 million. The home, which belongs to Susan Gutfreund, has 20 rooms and 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.

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

1 West 72nd Street, 52
Previous Price: $12 million
Current Price: $9.9 million
Percentage Drop: 18 percent

This Dakota co-op hit the market in May last year, asking $12 million. Last week the price was cut by $2.2 million, or 18 percent. The two-bedroom, three-and-a-half bathroom home has 12-foot ceilings, three wood-burning fireplaces and a 40-foot gallery. A staff room with a private full bathroom located on the eighth floor is also for sale separately, asking $350,000. BHS’ Burger has the listing.

49 East 91st Street
Previous Price: $18.5 million
Current Price: $16 million ($2,711 per foot)
Percentage Drop: 14 percent

Once asking $18.5 million, this 20-foot, five-story townhouse just received a price cut $2.5 million. The four-bedroom, four-bathroom home spans 5,900 square feet and features an elevator, 11-foot ceilings, a library, living room with a wood-burning fireplace, and a landscaped garden.

Douglas Elliman’s Sabrina Saltiel has the listing.

1 Central Park South, 509
Previous Price: $39.5 million
Current Price: $34.5 million ($8,025 per foot)
Percentage Drop: 13 percent

This 4,299-square foot home at the Plaza Hotel. is known as the “Astor Suite.” It’s owned by Jürgen Friedrich, a former top executive at fashion brand Esprit. First listed in February, 5 million has now been knocked off the price. The home features 14-foot ceilings, three bedrooms, five-and-half bathrooms and English oak paneling. There are also antique fireplace mantles and hand-hammered leather walls from France, according to the listing.

Douglas Elliman’s Melanie Lazenby and Dina Lewis have the listing.

12 East 13th Street, PH
Previous Price: $14.5 million
Current Price: $13 million
Percentage Drop: 10 percent

The 5,700-square-foot home at DHA Capital and Continental Properties’ condo has now been price-reduced five times. It was once asking as much as $30 million in 2014, but has been steadily cut down to the current asking price of $13 million.

The four-bedroom, four-bathroom unit has two 900-square-foot private terraces, a private internal elevator and an eat-in kitchen, according to the listing.

Compass’ Leonard Steinberg team has the listing.