The Real Deal New York

The biggest price cuts on luxury pads

Trophy units at 15 CPW, 30 Park Place and Time Warner Center all saw price reductions
By Christopher Cameron | October 04, 2017 08:00AM

It’s time for a trim.

As the luxury portion of Manhattan’s residential market continues to flounder, truly motivated trophy property sellers are making moves. And this week we witnessed hefty price cuts at some of the city’s most prestigious address, like 15 Central Park West, 30 Park Place and Time Warner Center.

Here’s a look at the biggest price reductions:

15 Central Park West #8B

15 Central Park West, 8B
Previous Price: $29.5 million
Current Price: $25 million
Percentage Drop: 15 percent

The biggest reduction in the over $10-million market, according to data provided by StreetEasy, was a $4.5 million reduction on a newly renovated, 3,478-square-foot, park-facing spread at Robert A.M. Stern’s famed 15 Central Park West. The apartment listed with Compass in February asking $33 million. This summer, the owner tried for a less ambitious $29.5 million. Today, it is asking just $25 million.

25 Columbus Circle #65B

25 Columbus Circle #65B
Previous Price: $11.5 million
Current Price: $10 million
Percentage Drop: 13 percent

Time Warner Center is one of the most coveted condo buildings in the city – especially for nefarious foreign buyers – but even there sacrifices must be made. This two bedroom aerie boasts expansive Central Park views, and now it is priced to sell. Thomas Lee of Foretree Corp listed the property for $11.5 million last June. Now, after a 13 percent reduction, the owner is asking a mere $10 million.

60 West 9th Street
Previous Price: $16.8 million
Current Price: $15 million
Percentage Drop: 11 percent

This Greenwich Village townhouse has spent nearly 600 days on the market and the price just keeps falling. Corcoran’s Timothy Scott first listed this elegant five-bedroom townhouse in February of 2016 for $19.5 million – then at $18 million, $16.8 million and now $15 million.

137 Duane Street, 3A
Previous Price: $14 million
Current Price: $12.5 million
Percentage Drop: 11 percent

Meanwhile in Tribeca, this airy 5,822-square-foot Tribeca loft began its life on the market with a $15 million dollar price tag earlier this year. Reality show broker Fredrik Eklund and his business partner John Gnomes have since reduced the ask twice, first to a smidge under $14 million and finally to $12.5 million.

The gallery-like space feature original factory columns, 14-foot ceilings and what the listing describes as “one of the largest, handcrafted custom closets in NYC.”

30 Park Place, 65A
Previous Price: $13 million
Current Price: $11.6 million
Percentage Drop: 11 percent

The owners of this seven-room spread in Robert AM Stern’s new Four Season-brand residences in downtown Manhattan must really want to move. Within six months of paying a bit over $13 million for their new hotel-style apartment, the LLC that owns this four-bedroom slapped it right back on the market for almost exactly what it paid. Now, it appears that they are happy to take a $1.4 million loss. Douglas Elliman’s Alexander team is now shooting for just $11.6 million.