The story behind the biggest price chop in NYC history

Steve Cohen's penthouse just relisted for $45M, down from original $115M

TRD New York /
Jan.January 10, 2019 01:30 PM

Steve Cohen and 151 East 58th Street (Credit: Point72 and Douglas Elliman)

Selling the duplex penthouse at One Beacon Place is proving to be a real headache for billionaire hedge fund mogul Steve Cohen.

After reducing the price a painful eight times, the unit at 151 East 58th Street has now been relisted at $45 million. That’s a whopping $70 million discount from its original 2013 listing price of $115 million.

Maybe that’s why there’s a giant Excedrin bottle in Douglas Elliman’s picture of the master bedroom.

The 9,000-square-foot condo, located at the Bloomberg Tower, has been on the market for six years, and has a long history of price cuts.

Cohen, the founder of SAC Capital Advisors, bought the unit for $24 million in 2005, and hired modernist architect Charles Gwathmey to upgrade the interiors.

The unit spans the building’s 51st and 52nd floors. It has five bedrooms, six and half bathrooms, and a double-height living room with 24-foot floor-to-ceiling glass windows.

Cohen’s troubles started in November 2013, when he pleaded guilty to insider trading and agreed to pay a penalty of $1.2 billion.

It was that April that he first listed the apartment for sale at $115 million, but by the end of 2013 he had dropped the price to $98 million.

In 2014, he went down to $82 million, then $79 million in 2015, and $72 million in 2016. By January 2017, the price was at $67.5 million, according to StreetEasy, and by the fall of that year it was $57.5 million, or $6,389 per square foot.

Over the years, Cohen’s also worked with several agents, including the Corcoran Group’s Deborah Grubman and Sotheby’s International Realty’s Serena Boardman. Now Douglas Elliman’s Richard Steinberg has the listing.

Related Articles

Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Unrealistic pricing bogs down Miami luxury condo market: TRD Showcase & Forum

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

From left: RealPlus' Eric Gordon, Corcoran's Pam Liebman, Halstead's Diane Ramirez, Douglas Elliman's Howard Lorber and Brown Harris Stevens' Bess Freedman (Credit: Eric Gordon by Emily Assiran, Getty Images, Halstead, BHS, iStock)

Terra sells part of RealPlus stake to Corcoran and Elliman

The Real Deal’s E.B. Solomont receives Front Page Award

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate