Full-floor Sherry-Netherland pad relists — at nearly half its 2015 ask

The co-op at iconic Upper East Side property now asks $2,444 psf

Feb.February 26, 2020 02:31 PM
781 Fifth Avenue (Credit: StreetEasy, Beyond My Ken via Wikipedia)

781 Fifth Avenue (Credit: StreetEasy, Beyond My Ken via Wikipedia)

A full-floor home at the iconic Upper East Side hotel and co-op, the Sherry-Netherland, is back on the market with another price chop, as Manhattan’s luxury sales market slump continues.

The owner of the mezzanine level of the building, described in the listing as “a townhouse on one floor,” is asking $22 million, or $2,444 per square foot.

The price tag has been slashed about 48 percent since the “uptown loft” first went on the market in 2015. Back then, the 9,000-square-foot pad was asking $42.5 million. That was chopped to $32 million in 2017, before the owner took the home off the market nearly six months later, according to StreetEasy.

Douglas Elliman’s Sabrina Saltiel and Sloane Square NYC’s Jaar-Mel Sloane are the unit’s listing agents, as they were in 2015.

Located at 781 Fifth Avenue, the Sherry-Netherland stands 38 stories tall at the corner of 59th Street, next to Central Park. The hotel was built in 1927 and some of the hotel rooms were converted to co-ops in the 1950s.

In the four years since the owner of the mezzanine-level co-op first put it up for sale, Manhattan’s luxury home sales market has struggled with oversupply that has led to price cuts.

“The seller is cognizant of the market and he recognizes that if he wants to sell, he needs to be where the market is,” Saltiel told The Real Deal.

The 19-room unit has a private elevator landing and a private set of stairs leading to the hotel lobby. The residence also comes with hotel services — including twice-a-day house cleaning — and maintenance charges are more than $29,000 a month.

“The maintenance here, because it includes hotel services, is actually super reasonable compared to just about everything else out there right now,” Saltiel said.

Last year, a 23rd-floor co-op at the Sherry-Netherland sold for $5 million, and an opera executive sold a two-bedroom unit for $11 million.

Write to Mary Diduch at [email protected]

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