The Real Deal New York

The biggest price cuts on luxury pads

A townhouse on East 85th Street got the biggest reduction
By Miriam Hall | October 18, 2017 10:30AM

Clockwise from bottom left: 427 East 85th Street, 178 East 94th Street, 1 Central Park South #1707, 327 West 76th Street

Townhouse sellers across the city are slashing prices, with most of the price cuts on pricey uptown houses last week.

In total, just four homes in the over-$10 million market were reduced by more than 5 percent last week, according to data from StreetEasy.

Here’s a look at the biggest cuts:

427 East 85th Street
Previous Price: $12 million
Current Price: $10.5 million
Percentage Drop: 12 percent

This 10,000-square-foot townhouse hit the market in May 2016 asking $21 million. It’s now down to half the original ask, following a second price cut in a matter of months.

The six-bedroom, eight-bathroom townhouse has six floors. It features an elevator, a white-marble front hall with an 18th-century French fireplace and a small basketball court on the top floor.

Broker Dolly Lenz has the listing. She was not immediately available for comment.

327 West 76th Street
Previous Price: $16.9 million
Current Price: $15.3 million
Percentage Drop: 10 percent

First listed in February of 2016 for just shy of $19 million, this townhouse has had its ask cut twice now. The home has nearly 8,000 square feet across 10 rooms and two full kitchens, according to the listing. There’s also seven fireplaces and four terraces.

Wolf Jakubowski of Brown Harris Stevens has the listing. He said the reduction “reflects the price adjustments which have recently taken place in the Upper West Side luxury house market.”

1 Central Park South, 1707
Previous Price: $13 million
Current Price: $11.9 million
Percentage Drop: 8 percent

This is price cut number four at this Plaza apartment. It hit the market in May 2013 asking nearly $18 million, and it has been drifting down in price ever since. Last week the 2,975 square foot-home was reduced by another 8 percent and is on the market for $11.9 million.

The home has three bedrooms, three-and-a-half bathrooms, a kitchen with Viking and Miele appliances and calacatta mosaic marble backsplashes. Other apartments in the building have seen success after price cuts. Developer Christian Candy managed to sell his plaza Triplex in June after a $20 million price cut.

The Corcoran Group’s Bernice Leventhal, Sarah Thompson and Jake Kringdon have the listing. Leventhal was not immediately available for comment.

178 East 94th Street
Previous Price: $18 million
Current Price: $17 million
Percentage Drop: 6 percent

This home, has been cut back after over a year on the market at $18 million. It features six bedrooms, six full bathrooms across 9,500 square feet, according to the listing. There’s also a garage, large elevator, roof terrace and south-facing garden.

Liz Dworkin of Brown Harris Stevens has the listing. She said the price adjustment is to expand the group of potential buyers interested in the home.