The Real Deal New York

The $74M penthouse at 212 Fifth just got a hefty price cut

Penthouse listings have not been immune to the broader luxury slowdown
By Meenal Vamburkar | November 05, 2018 08:00AM

The Crown Penthouse at 212 Fifth Avenue (Credit: iStock)

Last November, Sotheby’s International Realty broker Nikki Field upped the ask of the penthouse at 212 Fifth Avenue. Now, a year later, the pad is getting a price chop.

The 10,000-square-foot triplex is now asking $62.8 million — 15 percent below its most recent ask of $73.8 million and less than its original ask of $68.5 million.

“We are listening to the new market conditions and adjusting the Crown Penthouse to an attractive and value related price,” Field said in a statement.

The pad boasts a private elevator, a seven-room master suite and has an additional 5,700 square feet of terrace space. Building amenities include a fitness center, golf simulator and screening room.

When the unit came back on the market last year asking an extra $5 million, a Sotheby’s team scrapped plans for a swimming pool, withheld staging and tapped an art gallery to decorate the penthouse. Earlier this year, Field said they were hosting nearly a dozen “targeted” and co-branded events with wealth advisors and gallery owners.

But this is hardly the only penthouse struggling to snag a buyer. Despite their cachet, penthouse listings have piled up amid the inventory glut. And many units that have been lingering on the market are also asking lower prices. The trajectory has been in line with the broader luxury slowdown, as both sales and prices slide.

A partnership between Madison Equities, Building and Land Technology and Thor Equities developed the 24-story building at 212 Fifth, which is 85 percent sold with eight remaining units, according to Sotheby’s.