Bargain hunting: 7 noteworthy price chops in NYC real estate
Some of the listings include a Tribeca penthouse and an upper East Side townhouse
It’s a mantra that shoppers try to adhere to: good things come to those who wait. And in real estate, too, sometimes all you need is a bit of patience to catch a good bargain. In wake of the city’s recent record-breaking price chop — a $62 million discount for a penthouse at the Pierre, number one on our list —The Real Deal composed a list of some noteworthy price chops in the past couple of years.
1. Pierre penthouse at 795 Fifth Avenue
After Barbara Zweig, widow of financier Martin Zweig, failed to sell her Pierre Hotel penthouse for the astronomical ask of $125 million, she dramatically cut the price to $63 million last month. The unit had already been reduced to $95 million in December 2013. Sotheby’s International Realty’s Elizabeth Sample, Brenda Powers and Serena Boardman had the listing at the time. Now, it’s being marketed by Mary Rutherford and Leslie Coleman of Brown Harris Stevens. Barbara Zweig moved out of the triplex in August 2013, but Martin had been trying to sell the pad for years before his death. The apartment includes a library, four terraces, four fireplaces and a 23-foot ceilings.
This Sprawling Columbus Avenue penthouse ultimately sold for $16.5 million about ten months ago after nearly $13 million was chopped off the original ask of $29 million. The unit was first discounted in May 2013, when the asking price was cut to $24.9 million. Douglas Elliman’s Tal Alexander, Oren Alexander and Jamie Safier had the listing. The apartmen is 5,500 square feet and has a terrace of roughly 1,100 square feet. It’s located in the same building as Marv Albert’s former 3,553-square-foot unit, which he sold for $15 million in October.
3. Frank Sinatra’s former apartment at 530 East 72nd Street
Ol’ Blue Eyes’ former unit at the Edgewater at 530 East 72nd Street —most recently owned by Long Island-based car insurance mogul Penny Hart— saw multiple price chops last year. Initially, the 3,200-square-foot, four-bedroom co-op was listed for $7.7 million in 2012. After multiple reductions, the price was $4.6 million as of June 2014.
4. River House
A duplex apartment on the 20th and 21st floor boasted the pre-war architecture of the iconic co-op building in which it is located. A private elevator landing opens onto this unit’s entrance gallery, that also includes a curved staircase. All that grandeur, however, wasn’t enough to convince a buyer to pay the full asking price of $25.5 million. The unit ultimately went for $14.5 million — a 43 percent discount.
5. 250 West Street
A penthouse at Elad Group’s luxurious condominium building went into contract for $30 million in December, after it saw a $12 million price chop. The 7,200-square-foot unit was originally $42 million. In October 2014, the unit dropped to $33 million. Sales at the development launched in 2011. Elad bought the site, formerly a fruit-and-vegetable warehouse, for $142 million in 2006.
This Upper East Side townhouse, once marketed by Dolly Lenz, is still for sale, according to StreetEasy. The townhouse is currently up for grabs for $12.5 million, which is 33.5 percent less than its original $18.8 million asking price. The home has four bedrooms, six bathrooms and is a total of 5,500 square feet (which comes down to $2,272 per square foot). Sloan Square’s Jaar-Mel Sloane has the listing.
7. Museum Tower unit
Unit 48F is still for sale at the Museum Tower at 15 West 53rd Street. The 3,452-square-foot unit at the luxury condominium has seen multiple discounts before ending up at its lowest — and current — price of $7.7 million. The price for this three-bedroom, three-and-a-half-bathroom-unit now comes down to $2,230 per square foot, according to StreetEasy. Furumoto Realty’s Koheii Nakajii has the listing.