Dead Cat Bounce?

[David Goldsmith]

This has been one long, downhill slide.

For Sale: 303 East 57th St. #PHA in Sutton Place

303 East 57 Street #PHA is a sale unit in Sutton Place, Manhattan priced at $3,975,000.

streeteasy.com

 

[David Goldsmith]

Well now here's a bounce:

For Sale: 29 Beekman Pl. in Beekman

29 BEEKMAN PLACE is a sale unit in Beekman, Manhattan priced at $36,000,000.

streeteasy.com

$11 million to $36 million

 

[David Goldsmith]

One57 Penthouse Enters Contract After Markdown

A penthouse at Extell’s One57 entered contract after multiple price cuts and a string of discount resales at the Billionaires’ Row tower.

therealdeal.com

One57 penthouse enters contract after markdown​

Unit last asked $34M, down from $45M initial asking price

A penthouse at Extell’s One57 found a buyer after an eight-figure price cut.
The five-bedroom unit went into contract with a last asking price of $34 million, The Wall Street Journal first reported. The deal for the 6,200-square-foot penthouse, which hasn’t closed yet, follows a string of discount resales at the Billionaires’ Row tower.

The identities of the buyer and seller are unknown, though the seller’s LLC is linked to Wu & Kao, a law firm known for its work with wealthy Chinese clients.
Chinese conglomerate HNA purchased the condo in 2015 for $47 million — $13 million less than the last asking price. The 88th-floor apartment was one of at least four other units in the tower purchased by HNA, which became enmeshed in financial woes as the Chinese government cracked down on cash-strapped companies with holdings abroad.

The troubled firm sold the apartment for just $28 million in 2020, two years after it began offloading many of its assets outside China. That same year, the company sold another unit at the 93-story supertall for more than $12 million less than it paid in 2014.
The apartment hit the market again last June asking $45 million before a series of cuts.
The condo offers sweeping views of the city, including Central Park and both the East and Hudson rivers. It features a 57-foot-long great room, open kitchen and family room and primary bedroom with a sitting area.

​

Serhant’s Talia McKinney and Ryan Serhant had the listing.

Neighboring supertalls have since eclipsed One57, once the premier building on Billionaires’ Row. The tower broke records in 2014 when billionaire tech entrepreneur Michael Dell paid over $100 million for a penthouse.
A year later, hedge-funder Bill Ackman bought a penthouse in the building for $91.5 million. Ackman said it was “the best apartment in the world” at the Sohn Investment Conference in 2015.
Other units in the building have also traded at steep discounts. Earlier this year, a 58th-floor condo sold to an unknown buyer for $19.3 million, down $5.5 million from the asking price.

 

[David Goldsmith]

For Sale: 177 Ninth Ave. #2A in West Chelsea

177 9 AVENUE #2A is a sale unit in West Chelsea, Manhattan priced at $7,500,000.

streeteasy.com

DATE	PRICE/EVENT
9/15/2023	$7,500,000 Price decreased 12%
7/6/2023	$8,500,000 Price decreased 12%
5/22/2023	$9,700,000 Price decreased 12%
3/13/2023	$10,999,999 Listed by Compass

 

[David Goldsmith]

For Sale: 45 East 22nd St. #46A in Flatiron

45 EAST 22 STREET #46A is a sale unit in Flatiron, Manhattan priced at $6,999,950.

streeteasy.com

---

Property History​

Price historyRecent sales

DATE	PRICE/EVENT
9/11/2023	$7,200,000 Listed by Elegran | Forbes Global Properties
12/22/2022	$0 Closing record
7/23/2018	$9,375,000 No longer available
7/11/2018	$9,375,000 Sold by Douglas Elliman
5/24/2018	$8,824,117 Closing record
1/11/2018	$9,375,000 No longer available
7/22/2017	$9,375,000 Listed by Douglas Elliman
7/20/2017	$9,375,000 No longer available
2/10/2017	$9,330,000 No longer available
2/8/2017	$9,375,000 Listed by Douglas Elliman
1/6/2016	$9,330,000 In contract
8/18/2015	$9,330,000 Listed by Corcoran

 

[David Goldsmith]

432 Park Avenue Condo Sells for $65 Million After Asking $135M

Sellers have had a hard time making money off their condos at 432 Park Avenue, but at least their investments have not collapsed.

therealdeal.com

432 Park Ave unit, once priced at $135M, sells for $65M​

Sellers barely north of breakeven on Hiroshi Sugimoto–designed apartment

After two years on the market, the 79th floor unit at 432 Park Avenue has sold for less than half its original asking price.
The 8,000-square-foot apartment at the Macklowe-CIM supertall sold to an unknown buyer for $65.6 million, according to property records, after having hit the market two years ago with an asking price of $135 million. Two studio units were also sold separately as part of the deal, bringing the total transaction price to $70 million.

The asking price was lowered in May to $92 million and went into contract in August. The sale price is roughly what the sellers paid for the apartment in 2016.
Listing agent Noel Berk of Engel & Volkers declined to comment, but previously told The Real Deal the unit was being marketed to Asian buyers returning to the city post-pandemic.

The 79th-floor unit was designed by Japanese architect Hiroshi Sugimoto, who imported weather-beaten stones from Kyoto and old growth Canadian Hinoki Cypress wood. The five-bedroom, five-bathroom home also has a tea room and bonsai plant sculpture.
The sellers, who have hidden their identity behind a shell corporation, aren’t the first in the building to reconsider their asking price. It is unclear whether the reductions are attributable to initially aspirational pricing, a high-profile lawsuit alleging condo defects, fatigue in the ultra-luxury market or other factors.

​

In the lawsuit, the condo’s board blamed developers CIM and Macklowe Properties for flooding, eerie noises and an electrical explosion.
Saudi retail magnet Fawaz Alokair listed his top-floor penthouse for $170 million in 2021, then pulled it off the market before relisting it last year for $130 million, according to Streeteasy. The owners of an 84th floor unit who paid $21.4 million in 2016 have cut their asking price to $15 million from the $18 million they sought in February.

Another drama at the controversial building pits its development partners, CIM and Macklowe Properties CEO Harry Macklowe, against each other. CIM wants to foreclose on Macklowe’s personal residences in the building, accusing him of defaulting on $46 million in loans it gave him for three units.
Macklowe says CIM swindled him out of $110 million in distributions he’s owed as a developer. This month he delayed a foreclosure auction on his units by putting them in bankruptcy protection.

 

[David Goldsmith]

On and off the market for over 10 years.

For Sale: 560 West 24th St. #PH1 in West Chelsea

560 WEST 24 STREET #PH1 is a sale unit in West Chelsea, Manhattan priced at $13,995,000.

streeteasy.com

DATE	PRICE/EVENT
11/1/2023	$13,995,000 Listed by Bespoke Real Estate LLC
9/30/2023	$14,500,000 Delisted by Compass
7/13/2023	$14,500,000 Listed by Compass
6/20/2023	$14,500,000 Temporarily off market
3/24/2022	$14,500,000 Listed by Compass
3/17/2022	$14,000,000 No longer available
12/16/2021	$14,000,000 Temporarily off market
6/14/2021	$14,000,000 Listed by Compass
10/15/2019	$14,000,000 No longer available
7/18/2019	$14,000,000 Listed by Compass
7/13/2019	$14,000,000 No longer available
5/23/2019	$14,250,000 No longer available
3/6/2019	$14,000,000 Listed by Compass
3/6/2019	$14,000,000 Listed by Compass
1/2/2018	$14,250,000 Temporarily off market
7/17/2017	$14,250,000 Price decreased 5%
3/7/2017	$15,000,000 Price decreased 6%
1/10/2017	$16,000,000 Listed by Compass
12/19/2016	$16,000,000 No longer available
9/16/2016	$16,000,000 Listed by Compass
1/4/2016	$18,000,000 Delisted by Douglas Elliman
4/9/2015	$18,000,000 No longer available
2/23/2015	$18,000,000 Listed by Compass
1/25/2015	$18,000,000 No longer available
6/12/2014	$18,000,000 No longer available
6/5/2014	$18,000,000 Listed by Compass
6/2/2014	$18,000,000 Listed by Douglas Elliman
6/1/2014	$18,000,000 No longer available
1/10/2014	$18,000,000 Listed by Douglas Elliman

 

[David Goldsmith]

Not so much bounce as plummet.

For Sale: 874 Broadway 301/401 in Flatiron

874 BROADWAY 301/401 is a sale unit in Flatiron, Manhattan priced at $3,700,000.

streeteasy.com

DATE	PRICE/EVENT
10/18/2023	$3,700,000 Listed by The Agency
9/19/2023	$3,700,000 No longer available
6/20/2023	$3,700,000 Temporarily off market
5/4/2023	$3,700,000 Listed by The Agency
3/29/2021	$3,700,000 Delisted by Sotheby's International Realty
7/29/2020	$3,700,000 Listed by Sotheby's International Realty
12/11/2018	$4,500,000 No longer available
8/31/2018	$4,500,000 Listed by Sotheby's International Realty
4/30/2018	$5,600,000 No longer available
2/12/2018	$5,600,000 Price decreased 6%
2/6/2018	$5,950,000 Price decreased 5%
12/11/2017	$6,250,000 Listed by Sotheby's International Realty

 

[David Goldsmith]

George Soros’ Ex-Wife Loses $5 Million on CPW Penthouse

Susan Weber Soros lost $5 million on her Central Park West apartment after trying to sell the penthouse unit for more than a decade.

therealdeal.com

George Soros’ ex-wife sells co-op at $5M loss after 17 years​

Susan Weber Soros’ penthouse on Central Park West fetches $20.5M

Susan Weber Soros’ lavish Central Park West co-op didn’t prove to be a good investment.
The five-bedroom penthouse at The Majestic, which spans 6,000 square feet, sold last week for $20.5 million, according to property records. Soros, previously married to billionaire investor George Soros, bought the property at 115 Central Park West in 2006 for $25 million, records show.

Weber Soros first listed the home 11 years ago for $50 million and had moved it on and off the market until finally coming to terms with a buyer.
Listing agent Lisa Lippman of Brown Harris Stevens declined to comment on the sale.

The unit overlooks Central Park and has 900 square feet of outdoor space, including a 100-foot-long north-facing terrace that also looks onto the roof of the Dakota building, according to a listing posted on StreetEasy.
It has five full bathrooms, two half bathrooms, two guest bedrooms and a terrace off the primary suite.

​

The chef’s kitchen opens onto the dining room, which Lippman’s listing describes as an unusual feature for a pre-war building on the park.
The primary suite has two side-by-side rooms and an office with park views and two dressing rooms. Its bathroom has an oversized, custom bathtub and a double marble vanity, as well as a steam shower and a separate toilet and sink.

The unit also has two powder rooms, hardwood floors throughout and multiple zones of central AC. Its $2,000 monthly capital assessment through December amounts to a rounding error for the unknown buyer.
Amenities at the building include doormen, concierge, hall men, porters, elevator attendants and a resident manager. There’s also a gym, playroom and rooftop terrace and solarium.
Discounts have been common in the city’s luxury market as of late. Co-ops in general have struggled to get top dollar, as buyers increasingly favor newer condos where there’s no application and board approval process.

​

 

[David Goldsmith]

For Sale: 520 West 23rd St. #15E in West Chelsea

520 WEST 23 STREET #15E is a sale unit in West Chelsea, Manhattan priced at $775,000.

streeteasy.com

DATE	PRICE/EVENT
11/27/2023	$775,000 Listed by Sotheby's International Realty
11/13/2023	$799,000 Delisted by Elegran | Forbes Global Properties
8/25/2023	$799,000 Listed by Elegran | Forbes Global Properties
8/17/2023	$799,000 Temporarily off market
8/1/2023	$799,000 Price decreased 6%
6/15/2023	$850,000 Listed by Elegran | Forbes Global Properties
6/2/2023	$0 Closing record
7/27/2016	$895,000 Sold by MP Walsh Realty
7/26/2016	$896,000 Closing record
5/16/2016	$895,000 In contract
4/7/2016	$895,000 Listed by MP Walsh Realty
7/6/2005	$685,000 Closing record
7/6/2005	$685,000 Closing record

 

[David Goldsmith]

$4,032,00 plus "year long renovation"
Now asking $3,250,000


On market (NB multiple past listings)

For Sale: 874 Broadway 301/401 in Flatiron

874 BROADWAY 301/401 is a sale unit in Flatiron, Manhattan priced at $3,250,000.

streeteasy.com

11/29/2023

$3,250,000

Price decreased 12%

10/18/2023

$3,700,000

Listed by The Agency

9/19/2023

$3,700,000

No longer available

6/20/2023

$3,700,000

Temporarily off market

5/4/2023

$3,700,000

Listed by The Agency

3/29/2021

$3,700,000

Delisted by Sotheby's International Realty

7/29/2020

$3,700,000

Listed by Sotheby's International Realty

12/11/2018

$4,500,000

No longer available

8/31/2018

$4,500,000

Listed by Sotheby's International Realty

4/30/2018

$5,600,000

No longer available

2/12/2018

$5,600,000

Price decreased 6%

2/6/2018

$5,950,000

Price decreased 5%

12/11/2017

$6,250,000

Listed by Sotheby's International Realty

Past sale of part of unit

For Sale: 874 Broadway #301 in Flatiron

874 Broadway #301 is a sale unit in Flatiron, Manhattan priced at $2,495,000.

streeteasy.com

​

DATE	PRICE/EVENT
7/30/2014	$2,495,000 Sold by Sotheby's International Realty
7/14/2014	$2,495,000 No longer available
7/11/2014	$2,600,000 Closing record
5/23/2014	$2,495,000 In contract
4/26/2014	$2,495,000 Listed by Sotheby's International Realty
6/28/2010	$1,175,000 Sold by Corcoran
10/28/2009	$1,100,000 Closing record
8/6/2009	$1,175,000 No longer available
7/21/2009	$1,175,000 In contract
10/8/2008	$1,799,000 Listed by Corcoran

For Sale: 874 Broadway #401 in Flatiron

874 Broadway #401 is a sale unit in Flatiron, Manhattan priced at $1,650,000.

streeteasy.com

DATE	PRICE/EVENT
12/6/2014	$1,650,000 Sold by Sotheby's International Realty
11/25/2014	$1,650,000 No longer available
11/20/2014	$1,537,000 Closing record
9/24/2014

 

[David Goldsmith]

Bouncy

For Sale: 1 Sutton Pl. South #PH in Sutton Place

1 SUTTON PLACE SOUTH #PH is a sale unit in Sutton Place, Manhattan priced at $26,000,000.

streeteasy.com

 

[David Goldsmith]

2013

https://streeteasy.com/sale/696231

Unrenovated at $5,200,000

Vs today

https://streeteasy.com/sale/1703633?card=1

Renovated at $5,100,000