The biggest price cuts on luxury pads

Five apartments at the W Downtown saw their prices reduced by 30%

TRD New York /
Nov.November 01, 2017 07:30 AM

Clockwise from bottom right: 15 Central Park West #30C, 218 East 62nd Street, 12 Green Street #5, 123 Washington Street PH57

Spooked by prices? Sellers are slashing.

This Halloween week, 13 Manhattan homes in the $10 million-and-above market received price reductions of more than 5 percent, according to StreetEasy.

Here’s a look at the biggest price cuts:

 

123 Washington Street, PH57
Previous Price: $15.1 million
Current Price: $10.5 million
Percentage Drop: 30 percent

These five units at the Moinian Group-developed W Downtown Hotel and Residences are on the market for $10.5 million — a massive reduction from their original asking price of $31.8 million, according to StreetEasy. The collection has now been reduced several times, with the most recent being a reduction of 30 percent.

The developer has faced several obstacles, with a series of stop-work orders and the recession slowing things down significantly after construction started in 2006. By 2013, the building had been through four sales and marketing teams, but a sale there set a Downtown record of $2,400-per-square foot in 2014.

Compass’ William Stafford has the listing. He declined to comment.

12 Greene #5

12 Green Street, #5
Previous Price: $16 million
Current Price: $14 million
Percentage Drop: 13 percent

This Soho co-op loft, which hit the market in June for $16 million, just got a price haircut. The home has three bedrooms and three bathrooms, and features a steel-and-glass conservatory, 18-foot ceilings, a reflecting pool, planted terrace and enclosed lounge.

Douglas Elliman’s Abigail Agranat, Steve Halprin and Jan Hashey have the listing.

Neither Agranat nor Halprin were available to comment.

218 East 62nd Street
Previous Price: $13.5 million
Current Price: $12 million
Percentage Drop: 11 percent

On the market since September last year, this townhouse has been coming down in price since its original ask of $13.5 million. Last week, $1.5 million was knocked from the price. The 19-foot-wide building has four bedrooms, four-and-a-half bathrooms and a 500-square-foot back yard, according to the listing. There’s Also A Rooftop Terrace and a temperature controlled wine cellar.

Halstead Property’s Anne Prosser and August Mortimer have the listing.

Mortimer declined to comment.

43 West 64th Street, PH14A
Previous Price: $12 million
Current Price: $10.7 million
Percentage Drop: 11 percent

This four-bedroom penthouse hit the market in 2015, asking $13.5 million. It was rented, and then returned to the market for $12 million. Now asking $10.7 million, the condo has four-and-half bathrooms, a chef’s kitchen, views of Central Park and the Lincoln Center. The laundry room also serves as a gym, according to the listing.

Douglas Elliman’s Nicholas Palance has the listing.

“I’ve had multiple showings since the price correction, which is evidence of the price-sensitive market,” he said.

15 Central Park West #30C

15 Central Park West, 30C
Previous Price: $23.5 million
Current Price: $21 million
Percentage Drop: 11 percent

Despite a severe price cut, the owner of this 2,761-square-foot apartment is shooting for a major profit. The three-bedroom home was first listed in February for $23.5 million, but last week it got a price reduction of 11 percent.

However, that’s still a good chunk more expensive than the $8.4 million the seller paid to Zeckendorf Development in 2008, records show. The three-bedroom, three-and-a-half bathroom home has 40 feet of frontage overlooking Central Park, according to the listing, as well as central air conditioning and hardwood flooring.

Compass’ Kyle Blackmon has the listing. He was not immediately available for comment.


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