The biggest price cuts on luxury pads last week
A Gramercy Park townhouse received the biggest reduction
Pop art? More like chop art.
This week, one of the biggest price chops was on a townhouse owned by the son of pop art icon Roy Lichtenstein. The home, which was first listed for $25 million in April, has now been reduced by $3 million.
In total, six homes in the over-$10 million market were reduced by more than 5 percent last week, according to data from StreetEasy.
Here’s a look at the biggest price reductions:
7 West 16th Street
Previous Price: $24 million ($1,956 per square foot)
Current Price: $18 million
Percentage Drop: 25 percent
This 33-foot-wide townhouse hit the market in January, asking just under $24 million. Six month later, it’s been cut back by 25 percent to $18 million.
The entire home spans 9,200 square feet, and includes additional air rights that are expandable up to 18,475 square feet with the Landmarks Preservation Commission approval. Though it’s currently a multifamily property with eight separate units, it’s being marketed with the potential to be converted into a single-family home. It has 11 bedrooms and seven bathrooms, and features a double-height entry gallery, ornate mantles and plaster work.
“The property was initially priced on its unusual quality. We understood that it was extremely ambitious at $24 million,” said Lewis. “We do want to sell the property and we thought $18 million is a price that was viable. We encouraged it and that’s where we’re at. … It’s a much more palatable price.”
118 West 12th Street
Previous Price: $25 million
Current Price: $22 million
Percentage Drop: 12 percent
This home, which belongs to the son of artist Roy Lichtenstein, was first listed for sale back in April for $25 million. But filmmaker Mitchell Lichtenstein and his husband Vincent Sanchez have now reduced the home by 12 percent down to $22 million. It’s the first time the Greek Revival townhouse has been publicly sold in 170 years, according to the listing. Built in 1847, the house features four bedrooms and three-and-a-half bathrooms across four stories. There’s also a south-facing garden with a set-back terrace above. Lichtenstein paid $2.5 million for the home in 1997, according to records.
“The townhouse market has definitely slowed over the past year. So the slowing down requires a pricing adjustment,” said Sumser.
432 Park Avenue, 65B
Previous Price: $32.5 million
Current Price: $29.5 million ($7,340 per square foot)
Percentage Drop: 9 percent
Once asking $32.5 million, this 4,000-square-foot apartment has just had 9 percent shaved off the ask. The apartment at the Macklowe Properties and CIM Group-developed ultra-luxury building has heated floors, a steam shower and views of the Empire State Building and the Chrysler Building from all south-facing bedrooms. There are three bedrooms and four-and-a-half bathrooms, as well as a chef’s kitchen and a library.
The apartment — which is being offered for sale with an accompanying service and a private wine cellar — last sold in March 2016 for $25.6 million. Why The Face LLC was the buyer, records show.
85 Grand Street,2
Previous Price: $11 million
Current Price: $10 million
Percentage Drop: 9 percent
General Motors president Dan Ammann, who bought this apartment for $5 million with his wife Pernilla in 2008, has just cut the home’s asking price by $1 million. First listed back in May, it’s now on the market for just under $10 million.
The apartment has four bedrooms, three bathrooms, 15 windows in the main room, 14-foot ceilings, a sauna and exposed brick. There’s also an open kitchen with a 7-foot marble island and a 6-foot pantry.
Julia Hoagland of Compass has the listing. She wasn’t immediately available for comment.
242 East 58th Street
Previous Price: $20 million
Current Price: $18.5 million
Percentage Drop: 8 percent
Listed for $20 million in January, this 12,280 square-foot property is now on the market for $18.5 million. Built in 2009, it spans seven stories and includes “numerous” bedrooms and bathrooms. The property can be used for both residential and retail. It features a chef’s kitchen, and can also be converted into three separate homes, according to the listing.
Outdoor furniture company Oasiq has its showroom at the Lanson Properties-owned building, but announced it is moving to Soho because of the sale, the Commercial Observer reported.