The Real Deal New York

The biggest price cuts on luxury pads

A collection of penthouses in the Financial District received the biggest reduction
By Miriam Hall | September 27, 2017 08:00AM

The city’s luxury penthouses are seeing widespread price slashing, with three receiving the biggest discounts this week.

The biggest reduction in the over $10-million market, according to data provided by StreetEasy was a group of six apartments at the Moinian Group’s 123 Washington Street. The apartments are now asking half of what they were originally listed for.

Here’s a look at the biggest price reductions:

123 Washington Street, PH56
Previous Price: $17.4 million
Current Price: $15.1 million
Percentage Drop: 13 percent

This group of six apartments at the Moinian Group Development hit the market in April 2016, asking $31.8 million. The collection — available for sale together or individually — have now been significantly price reduced several times.

Most recently, they were cut down by $2.3 million to an ask of $15.1 million, which is less than half their original asking price. Compass’ William Stafford and Leonard Steinberg have the listing. The brokers were not immediately available for comment, but in March Stafford told The Real Deal that “for a while [Joseph Moinian] thought he’d keep them for his family, but he’s decided to get rid of them and get working on other projects.”

140 West 12th Street, PH7A
Previous Price: $22.5 million
Current Price: $20 million ($4,631 per square foot)
Percentage Drop: 11 percent

Listed in June for $22.5 million, this penthouse at the Rudin Management-developed Greenwich Lane just got a price cut of 11 percent. The 4,317-square-foot apartment has four bedrooms, four-and-a-half bathrooms, and features 10-foot ceilings, and casement windows, according to the listing. Heather Kerzner, the former wife of the South African casino and resort tycoon Sol Kerzner, bought the home for $18.7 million last year.

Douglas Elliman’s Fredrik Eklund, John Gomes and Jordan Shea have the listing. They were not immediately available for comment.

11 North Moore Street, PH
Previous Price: $25 million
Current Price: $22.5 million ($3,186 per square foot)
Percentage Drop: 10 percent

Once asking $40 million back in 2014, this penthouse has been steadily discounted over the past three years. This week, it was trimmed by 10 percent and is now on the market for $22.5 million. Described as the “crown jewel” of the VE Equities development, it features four bedrooms, four full bathrooms and 3,168 square feet of exterior space and a private pool.

Douglas Elliman’s Tal and Oren Alexander have the listing.

326 West 77th Street
Previous Price: $11 million
Current Price: $10 million ($1,277 per square foot)
Percentage Drop: 9 percent

First listed in December for $11 million, this 10-unit townhouse that’s being marketed as single-family home received a $1 million price cut last week. The 20-foot-wide brownstone comes with plans approved by the Department of Buildings and Landmarks Preservation Commission. The home would span 7,825 square feet with six bedrooms, eight full bathrooms and 1,225 square feet of outdoor space.

Brown Harris Stevens’ Wolf Jakubowski has the listing. “The price reduction was necessary to bring the asking in line with other vacant multifamily townhouses on the Upper West Side,” he said. “This house has the advantage of coming with a full set of approved plans to become a single family.”

15 Willow Street
Previous Price: $11.5 million
Current Price: $10.8 million ($1,733 per square foot)
Percentage Drop: 7 percent

Built in the 1830s, this six-bedroom, four-bathrooms townhouse hit the market in August for $14.2 million, and at that time was the most expensive single-family home listing in the borough.  It’s now been reduced three times since then and is on the market for $10.8 million.

The home spans 6,000 square feet and features walnut floors, wine cellar with tasting room, an elevator, a landscaped yard, two planted roof terraces and a hot tub.

The Corcoran Group’s Christopher Sheller has the listing.