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.


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