Now just $76 million: “Le Penthouse” gets le price cut

Expansive abode marked down 22 percent — the fourth recent reduction at 172 Madison

A luxe penthouse on Madison Avenue just hit the discount rack.

The unit at Tessler Development’s 172 Madison, dubbed “Le Penthouse” and listed last year for $98 million, is now available for the paltry sum of $76 million.

The 14-bathroom penthouse is being marketed by Keller Williams NYC’s Raphael Sitruk and Efraim Tessler — son of developer Yitzchak Tessler. The new asking price works out to around $3,835 per foot.

“Nearly anything that money can buy and the mind can imagine is possible,” the listing reads. The building also has a pet spa and a steam room — where the listing suggests “divining your enjoyment for the rest of the day.”

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“We want to show potential buyers we know what we’re doing,” Sitruk said of the 22 percent price drop, noting that several people have expressed interest in the property despite a sluggish luxury market. “Last week we signed three contracts.This is an amazing value and we’re ready to sell.”

The 19,815-square-foot dwelling has five floors and 11 bedrooms to complement its worth-repeating 14 bathrooms. The listing shows an expansive great room with a baby grand piano and a marble dining room table dwarfed by 23-foot ceilings and massive windows. Each of the five floors include an outdoor terrace, topped by a private roof deck with a pool and a jacuzzi.

Sitruk and Efraim Tessler took over sales at 172 Madison last April after Compass walked away from the project. In addition to the top penthouse, listings include a four-bedroom asking $11 million and unit 25A for $4.9 million, according to StreetEasy. The four most expensive units in the project have all had significant price chops in the last month, the online listing service shows.

The developer got a $164.3 million condo inventory loan from private equity firm TPG and Deutsche Bank in 2017 and refinanced its debt with a $94.5 million loan from Deutsche Bank in 2019. The Tessler Development condo had an expected sellout of $320.6 million, according to the attorney general’s office.