The biggest price cuts on luxury pads

An UWS townhouse received the biggest reduction

From bottom left: 308 West 88th Street, 25 Bond Street #4W, 3 East 94th Street
From bottom left: 308 West 88th Street, 25 Bond Street #4W, 3 East 94th Street

There’s not much of a summer break where price cuts are concerned.

There’s certainly not been mass reductions, however. Just three homes in the over-$10 million market received price cuts of over 5 percent last week, according to data provided by StreetEasy. August is particularly quiet, with high-end buyers usually somewhere cooler. But last week was particularly slow, with no contracts on pads asking $10 million or more, something that hasn’t happened since the week of Hurricane Sandy in 2012, according to the most recent Olshan report.

Here’s a look at the biggest reductions:

25 Bond Street, 4W
Previous Price: $12.9 million
Current Price: $11.9 million ($3,285 per square foot)
Percentage Drop: 8 percent

This renovated Noho apartment hit the market back in May, asking $12.9 million. Last week, a million was shaved from the asking price. The recently renovated home has three bedrooms, three-and-half bathrooms, and features floor to ceiling windows, a SONOS system and comes with two car spaces. It last sold in 2013 for just over $9 million, according to records.

The apartment used to span the entire fourth floor of the Goldman Properties-developed building, and during that time actor/singer Will Smith rented it for $85,000 a month, according to Curbed. The entire pad was previously on the market for $19.5 million, but it was then sliced into two separate units.

Douglas Elliman’s Suzanne Bakst has the listing. She declined to comment.

Sign Up for the undefined Newsletter

308 West 88th Street
Previous Price: $15 million
Current Price: $13.8 million ($1,616 per square foot)
Percentage Drop: 8 percent

When this 8,505-square-foot townhouse debuted on the market in June 2016, the sellers were shooting for $16 million. Two price drops later, and it is now down to a $13.8 million asking price. The 21-foot wide home has five bedroom, six full bathrooms, two half-baths, and around 1,335 square feet of outdoor space. There’s also a temperature-controlled wine cellar, a gym and a laundry room.

It last sold for $3.8 million in 2010, records show. Douglas Elliman’s Samuel Berry, Noble Black and Sabrina Saltiel have the listing. Saltiel declined to comment.

3 East 94th Street
Previous Price: $29.5 million
Current Price: $27.5 million ($2,791 per square foot)
Percentage Drop: 7 percent

This 25-foot-wide townhouse previously belonged to the late Edward Gilligan, the president of American Express until he died after taking ill on a corporate jet in 2015. The six-bedroom, eight-bathroom home was first listed for $29.5 million in November last year, but seven percent was shaved from the ask last week.

Gilligan bought the townhouse in 2010 for $18.5 million from developer Aby Rosen, who had bought it in 2005 for $8.8 million from former Hearst Magazines president D. Claeys Bahrenburg. The home features five wood burning fireplaces, a wood-paneled library, terrace and house garden.

Douglas Elliman’s Sabrina Saltiel has the listing. She declined to comment.