Real Estate Guides

NYC Luxury: Continuing Price Cuts Lead to New Mid-Summer Deals

1020 Fifth Avenue—where a fabulous five bedroom co-op unit (with its own eat-in kitchen, four fire places and a spacious 40 feet living room) is located. After its 2015 introduction into the market at $20 million, this luxury property finally went under contract last week for $18 million. The previous week was also when Penthouse 1 at 120 West 72nd Street—with its three bedrooms, three and a half bathrooms, five landscaped terraces and a working fireplace—went under contract at around $10.5 million.

These are 2 out of the 17 listings in Manhattan’s luxury market that have gone under contract last week despite this year’s mid-summer slowdown. Sellers, however, are willing to strike better bargains with potential luxury home seekers, pulling down their original asking prices by 5 to 15%. Here’s a look at some of the biggest price reductions for your future homes, available this summer:

524 West 19th Street, Penthouse This beautiful West Chelsea Penthouse was designed by Pritzker awardee, Shigeru Ban, and includes four bedrooms, four bathrooms and nearly 2,000 square feet of landscaped terraces. It entered the market with a $12.9 million asking price around late June, but buyers can now get it for $11 million—$5 million short of its selling price back when it was bought in 2011. 

151 East 58th Street, PH53W Billionaire Steven Cohen has been chopping the initial $37.5 million price of his One Beacon Court penthouse. He is now hoping to enter into transactions with buyers for a price of $35 million. After all, the cost is worth it—with the inclusion of three bedrooms, four and half bathrooms, glass ceilings and staff quarters. The building itself has even more enticing offerings such as a fitness center, an entertainment suite and a reliable doorman who’s on station 24/7. 

 46 East 83rd Street Other than penthouses, the City’s luxury inventory also features a premium townhouse with a price that has gradually gone down since its entry into the market last June 2016, making it more affordable to prospective buyers. 46 East 83rd Street measures up to 7,522 square feet, and it includes six beds and baths, a garden, a media room and a sauna. The building also has an elevator and an “entertainment penthouse,” according to reports. Following its third price cut since 2016, buyers can now avail of it for $17.5 million. 

Sources:

https://therealdeal.com/2017/08/14/luxury-market-continues-its-summer-slump/

https://therealdeal.com/2017/08/08/the-biggest-price-cuts-on-luxury-pads/

524 West 19th Street, Penthouse

Previous Price: $12.9 million
Current Price: $11 million

Percentage Drop: 15 percent

151 East 58th Street, PH53W

Previous Price: $37.5 million
Current Price: $35 million ($7,777 per square foot)
Percentage Drop: 7 percent

46 East 83rd Street

Previous Price: $18.5 million
Current Price: $17.5 million ($2,326 per square foot)
Percentage Drop: 5 percent