Not even Stephen Ross can avoid price chopping in this market.
The Related Companies boss and Miami Dolphins co-owner cut the asking price for his Time Warner Center penthouse to $62.5 million — a 17 percent discount from the original $75 million price tag.
Spanning 8,274 square feet atop the Related-developed condo tower, Ross’ unit is now priced at $7,553 per square foot, putting it at the upper end of the struggling luxury market. The Corcoran Group’s Deborah Grubman, Deborah Kern and David Adler have the listing; Grubman declined to comment.
Even at a discounted price, the deal would still be a win for the developer. Ross didn’t pay a dollar for the pad — at least in the traditional sense — as The Real Deal reported when the unit came to market last July.
Instead, the unit was a “distribution” from the project’s developers, a partnership between Related and AREA Property Partners, which was founded by the Mack family and Apollo Global Management. Ross took the distribution instead of his share of the cash profits from the project, likely avoiding a hefty income tax bill. The condo was listed for $30 million in 2006, when property records show Ross closed on the 80th-floor unit.
Ross listed the condo for sale ahead of a planned move to Related’s Skidmore Owings & Merrill-designed 35 Hudson Yards. But luxury sales across Manhattan have been roiled by Covid-19, even as the overall housing market appears to be rebounding.
Luxury sales saw a 46.7 percent year-over-year drop in the third quarter, according to Miller Samuel. The average listing discount was 12.1 percent.
Last month, for instance, a penthouse at Related’s Zaha Hadid-designed condo overlooking the High Line went into contract for $24.975 million. That was down from an initial price of $50 million. Four other units at the property, at 520 West 28th Street, have gone into contract since March with an average discount of 29 percent, according to Olshan Realty.
In addition to the Time Warner Center penthouse, Ross also owns a $6.9 million condo at Related’s 70 Vestry Street; a pad at Superior Ink at 400 West 12th Street; an oceanfront mansion known as “The Reef” in Palm Beach; and a 9,100-square-foot home in Southampton.