The Real Deal Los Angeles

The big slash: Paramount Pictures CEO Brad Grey cuts price of New York City pad

Property is now available for $19.75M
By Katherine Clarke | January 19, 2016 11:15AM

Maybe Brad Grey, the CEO of Paramount Pictures and Brad Pitt’s business partner in production company Plan B, recognized the deflating bubble in the residential luxury market.

The Los Angeles-based film mogul and producer behind sub-prime crisis chronology “The Big Short” has chopped the price of his co-op penthouse at the famed Carlyle Hotel by nearly $3 million to $19.75 million.

The property was last on the market for $22.5 million last year before Grey and his wife Cassandra Huysentruyt Grey took it off the market in September following the birth of their first child, son Jules Andrew Grey.

Listing broker Deborah Grubman of the Corcoran Group was not immediately available for comment.

Grey, a New York native born in the Bronx, still stands to make a hefty profit on a deal. He bought the four-bedroom apartment from Peter Schoenfeld for just $15.5 million in 2011, records show.

The 35 East 76th Street pad has wood-paneled walls, large layouts and views of Central Park. The catch? The pad has monthly maintenance costs of $46,687.

It’s no surprise that a Hollywood hotshot such as Grey chose the Carlyle to be his New York base. The hotel has long been a mainstay for royalty and A-listers such as George and Amal Clooney, Rihanna and Madonna.

Grey is just one in a long line of luxe property owners to slash the price of their listings in recent days amid a deluge of product on the high-end of the market.

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