Annie Leibovitz offers cut-rate co-op
Famed photographer lists UWS home for nearly $9M, nearly $3M off 2014 sale price
Nine years ago, Annie Leibovitz probably couldn’t picture selling her Upper West Side duplex for significantly less than she paid for it.
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