Nine years ago, Annie Leibovitz probably couldn’t picture selling her Upper West Side duplex for significantly less than she paid for it.
The famed photographer put her co-op on the market for $8.6 million, the New York Times reported. Leibovitz purchased the unit at the Brentmore at 88 Central Park West for $11.3 million in 2014.
The unit is 3,500 square feet, breaking down an asking price of $2,457 per square foot.
The UWS unit has four bedrooms and three bathrooms. It’s on the fifth and sixth floors of the 12-story building, which has been the home to celebrities including Robert De Niro, Paul Simon and Sting.
The pad overlooks Central Park, a motivator when Leibovitz first saw the apartment a decade ago. Leibovitz updated the apartment after purchasing it, though many pre-war details remain. Monthly maintenance for the unit is $10,307.
Amenities at the Brentmore include a doorman, private storage space and a gym. The Corcoran Group’s Deborah Kern has the listing.
Leibovitz told the outlet she is ready to move on because her children are out of school and her work is downtown; last year, she purchased a full-floor condo in the West Village for $6.5 million. Her family home, meanwhile, is upstate in Rhinebeck.
The downtown and Upstate properties were the subject of a nonpayment lawsuit against Leibovitz with in 2009. Lender Art Capital Group claimed the photographer was behind on hundreds of thousands of dollars in unpaid fees after borrowing $24 million. The parties reached a settlement deal that included Leibovitz purchasing the rights to act as exclusive agent in the sale of her real estate.
The co-op’s discount from nine years ago adds to recent evidence that the city’s storied co-ops are losing some of their luster. Trophy co-ops are either languishing on the market or selling for pennies on the dollar as wealthy buyers flock to condos with their fresher amenities and less restrictive entry requirements.
Co-ops’ widespread restrictions on financing have deterred buyers, along with a lack of opportunity to shield buyers’ identities while requiring meticulous financial disclosures and can often reject applicants without giving a reason, sparking accusations of discrimination.
Co-ops also often restrict how apartments are utilized. Renovations are more challenging to undertake as boards have a say over even the tiniest change.
— Holden Walter-Warner
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New York
Annie Leibovitz buys Brentmore co-op for $11M
Residential
New York
Annie Leibovitz buys full-floor West Village condo for $6.5M