Art dealer Mnuchin relists 5th Ave co-op with $1M discount
Full-floor unit reportedly went into contract asking $20M in April, but resurfaced with new broker this week
UPDATED July 21, 2022, 6:15 p.m.: Months after reportedly finding a buyer, art dealer Robert Mnuchin has relisted his Fifth Avenue co-op with another price cut.
Despite going into contract in April, according to Olshan Realty’s weekly report on top Manhattan contracts, the full-floor unit at 944 Fifth Avenue reappeared on StreetEasy Thursday asking $19 million, down from $20 million in May and $25 million last October.
Mnuchin, the father of former Treasury Secretary Steven Mnuchin, bought the co-op in 2008 for $20 million from Jay Mantz, who is now president of Rialto Capital, records show.
Douglas Elliman’s Ann Cutbill Lenane had the listing when it appeared in the Olshan Report three months ago. Now it’s with Sotheby’s International Realty’s Caroline Guthrie, who did not immediately respond to a request for comment.
The apartment has 10 rooms, including four bedrooms, four bathrooms and two half bathrooms. It’s serviced by a private elevator, which opens to the central foyer and 42-foot combined living room and library, along with a 18-foot formal dining room. The entry foyer has a powder room and walk-in closet. A hallway leads to three bedrooms, two with en suite bathrooms and one used as a Pilates studio and gym. The primary bedroom suite offers views of Central Park.
The 14-story, 14-unit building was erected in 1925.
Manhattan’s market has cooled off through the summer. Contract signings were down last month in Manhattan 30 percent for co-ops from a year ago and 29 percent for condos, according to a report by Miller Samuel for Douglas Elliman.
Jonathan Miller, author of the report, cited “boatloads of uncertainty” for the slowdown in contracts, pointing to war in Ukraine, high gas prices, high inflation, rising interest rates and commodity shortages.
Correction: An earlier version of this story misidentified Jay Mantz as the seller of the co-op. Mantz sold the unit to Robert Mnuchin in 2008.