NYC’s most expensive listing just got a huge price chop

20-room duplex at 834 Fifth has been slashed from $120M to $96M

834 Fifth Avenue (credit: Brown Harris Stevens)
834 Fifth Avenue (credit: Brown Harris Stevens)

In yet another sign of the dipping ultra-high-end market, the seller of the city’s most expensive listing has cut $24 million from the asking price.

The 12,000-square-foot duplex co-op at 834 Fifth Avenue was listed in April for $120 million. But now that it has sat on the market for five months, the seller decided to offer a discount to $96 million ($8,000 per square foot), the New York Observer reported.

The apartment features a 1,600-square-foot master bedroom, along with three other bedrooms, a 50-foot-long living room with two fireplaces, a grand marble staircase and butler’s pantry with a walk-in steel safe for storing silverware. There’s a library, too. Brokers John Burger and Richard Ziegelasch of Brown Harris Stevens are sharing the listing with Key-Ventures’ Craig Dix and Larry Kaiser, according to the Observer.

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John Gutfreund, known as the “King of Wall Street”, and his wife Susan bought the apartment in the 1980s. Gutfreund died in March and his widow listed the place a month later. Gutfreund was head of Wall Street investment firm Salomon Brothers throughout the 1980s. In 1991, he was forced to resign in the face of a major bond scandal at the bank.

One of the most sought-after addresses in the city, 834 Fifth Avenue doesn’t allow financing for co-op purchases. Luxury Listings NYC peeked behind the curtains of the white glove co-op in March to see who called it home.

In May, The Real Deal examined the declining Manhattan luxury market[NYO]Miriam Hall