Dead Cat Bounce?
- Thread starter David Goldsmith
- Start date
AFAIK it's always been offered like that.
How much could they have gotten with optimal pricing?
How much will they get... Whenever?
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How much will they get... Whenever?
For Sale: 240 Park Ave. South #14B in Flatiron
240 PARK AVENUE SOUTH #14B is a sale unit in Flatiron, Manhattan priced at $4,850,000.
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It's not a discount. It's not a discount at all.Half Eddieeeeeeeeeeeeee!!!!!
The original sellout for the project was slated to be $4 billion. What's the over/under now with discounts like this?
Pricey Central Park Tower Condo Sells for Nearly 50% Off
Extell Development’s pricey Billionaires’ Row condo at Central Park Tower sold for $50 million, just over half its $95M asking price.therealdeal.comCentral Park Tower condo sells for half its asking price
Sponsor unit at Extell skyscraper was asking $95M, but sold for just $50M, records show
A price chop this big might cast some doubts on the world’s tallest residential tower.
Gary Barnett’s Extell Development has sold a sponsor unit at its Central Park Tower at 217 West 57th Street for nearly 50 percent below its original asking price, property records show.
The unit, a four-bedroom, 7,984-square-foot condominium, was originally asking $95 million. It went into contract in June and sold for $49.7 million when the deal closed this month.
“The unit sold for approximately $7,000/psf and although the buyer got a great deal, we were not unhappy with the price,” an Extell spokesperson told The Real Deal.
The developer tapped Corcoran Sunshine Marketing Group in October 2020 to work with its sales team as co-exclusive brokers for the building. The unnamed buyer who landed the massive discount concealed its identity with an LLC.
The full-floor residence was once the building’s priciest listing, with a 2,000-square-foot terrace and an outdoor pool. It has since been upstaged by an 11,535-square-foot duplex that hit the market in August asking $150 million.
The tower, which rises 1,550 feet above Midtown Manhattan, launched sales in 2018 with closings beginning in February of this year. It has a projected sellout of $4 billion, making it the most expensive condo project in the city.
Barnett secured $1.1 billion in financing for the project in early 2018, including a $900 million construction loan led by JPMorgan Chase. He also landed $380 million in bridge financing for the tower earlier this year.
Central Park Tower Pad Sells For a 33% Off Original Ask
A sponsor condo unit at Central Park Tower went for $20 million below its initial ask, the latest bargain at the Billionaires’ Row tower.
therealdeal.com
Discounts abound at Billionaires’ Row supertall
Another Central Park Tower pad has sold for far less than its original ask, and developer Gary Barnett recognizes his supertall isn’t going to achieve the lofty sellout he once envisioned.The latest sponsor unit to sell at Billionaires’ Row’s tallest skyscraper went for $43 million, the Wall Street Journal reported , 33 percent less than the $63.8 million Barnett’s Extell Development originally sought when it placed it on the market in 2019.
The anonymous buyer lives in Singapore, according to Triplemint’s James Michael Angelo, who represented her in the deal. Angelo said he initially offered $38 million for the unit — which drew a laugh from the marketing team — but only had to come up by $5 million to close the deal.
The 7,000-square-foot condo at 225 West 57th Street offers 360-degree views of Central Park and both rivers. There’s also a library, a private reception gallery and a 1,500-square-foot salon.
In June, Barnett acknowledged that the 57th Street supertall was going to fall far short of its $4 billion projected sellout, the Journal reported Thursday. Barnett added that he expected prices to appreciate at the building once construction wrapped in the next few months.
Closings began at Central Park Tower in February 2021. An October analysis by The Real Deal found that most units that had closed in the building had sold for far less than the prices outlined in Extell’s offering plan.
Across 33 closings that had hit public records by October, condos in the tower sold for an average of 25 percent less than their offering plan target on a per-square-foot basis, for 16 percent on a per-unit basis. Asked about the difference, Barnett called it “a basic fallacy” to describe the gap between sales prices and those listed in offering plans as a discount.
“We decided to go for sales velocity rather than maximum pricing,” he told TRD at the time. “I don’t see any downside.”
The project’s $900 million construction loan was set to mature in December and Barnett, who claimed to be “within striking distance” of paying it off, expressed a willingness to cut deals to get it done.
Well, maybe it's a little more... 36%? (I guess we have to wait for ACRIS)
81 At 157 West 57 Street Listing Information
Sold 4 Beds apartment in Manhattan's Midtown Center for $35.5M. Find a Professional to help you price this property, collaborate and find similarwww.urbandigs.com
The No. 2 contract was 46C at 157 West 57th Street, asking $13.9 million, reduced from $18.5 million when it was listed by the sponsor in 2013. The condo has 3,466 square feet with 3 bedrooms and 3.5 bathrooms. The living room and master bedroom have views of Central Park.Well, maybe it's a little more... 36%? (I guess we have to wait for ACRIS)
81 At 157 West 57 Street Listing Information
Sold 4 Beds apartment in Manhattan's Midtown Center for $35.5M. Find a Professional to help you price this property, collaborate and find similar
(NB StreetEasy history shows the initial price as $19.7 million)
For Sale: 157 West 57th St. #46C in Midtown
157 WEST 57 STREET #46C is a sale unit in Midtown, Manhattan priced at $13,900,000.
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For Sale: 35 Hudson Yards PENTHOUSE-90 in Hudson Yards
35 Hudson Yards PENTHOUSE-90 is a sale unit in Hudson Yards, Manhattan priced at $49,500,000.
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11/18/2021Price decreased by 9%$49,500,000 ↓
08/10/2021Price decreased by 8%$54,500,000 ↓
04/29/2021Listed by Corcoran$59,000,000
35 Hudson Yards Penthouse Sells for 41% Discount
Unit PH90 at Related Companies’ 35 Hudson Yards originally asked $59 million before selling for a 41 percent discount at $35 million.
therealdeal.com
PH90 closed for $35M after asking $59M
It’s a long way from the top.The penthouse perched atop the Related Companies’ 35 Hudson Yards, complete with 360-degree New York City views and an HBO credit, sold for a 41 percent discount.
Originally asking $59 million, PH90 closed for $35 million, according to property records made available Monday. The deal for the more than 10,000-square-foot unit, which encompasses the building’s entire 90th floor, works out to roughly $3,500 per square foot.
The property had a fast closing. On Monday, it was featured on Olshan Realty’s luxury report on contracts signed at $4 million and above in Manhattan. Hours later — compared with the typical months-long lag — the documents were available in Acris, showing the buyer hidden behind an LLC titled Sky Palace LLC.
“It’s nothing to sneeze at,” Donna Olshan, the author of the report, said of the penthouse’s closing price. “It’s realistic.”
In fact, at $35 million, the unit is still one of the top downtown condo transactions this year.
The 72-story building is the tallest residential property in Hudson Yards. Its residential portion starts on the 53rd floor, above the flagship Equinox Hotel.
Sales launched in the building in March 2019 to a soft luxury market. The New York Times reported shortly before its opening the developers predicted a one-year sellout with $1.53 billion in sales, around 12 months before the onset of the pandemic would turn the city on its head.
Luxury buyers appeared in the spring to have returned to the market, in search for greater space, with more cash on hand. Manhattan’s luxury market hit a summer slump, with weekly contracts dipping in August to the lowest total tracked by Olshan Realty since October 2020.
Related, the building’s developer, declined to comment. Corcoran agents Leighton Candler and Cathy Franklin, who had the listing, did not respond to requests for comment.
In addition to its time in the spotlight atop the borough’s luxury contracts, the unit served as the fictional home of Kendall Roy in the hit HBO show “Succession,” joining other featured pads that have recently traded, including Pavilion A at the Woolworth Tower Residences for $19.5 million and a Wainscott mansion for $45 million.
What's the ROI since 2007?
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For Sale: 11 East 36th St. #401 in Midtown South
11 EAST 36 STREET #401 is a sale unit in Midtown South, Manhattan priced at $2,200,000.
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| 09/16/2022 | Listing entered contract | $2,200,000 |
|---|---|---|
| 06/22/2022 | Listed by SERHANT | $2,200,000 |
| 05/16/2022 | Off market temporarily | $2,200,000 |
| 10/19/2021 | Previously Listed by Douglas Elliman | $2,200,000 |
| 04/24/2019 | Douglas Elliman Listing sold Last priced at $1,999,999 | $1,999,999 |
| Previous Sale recorded | $1,905,000 | |
| 11/14/2018 | Previously Listed by Douglas Elliman | $2,240,000 |
| 08/06/2018 | Off market temporarily Last priced at $2,299,000 | $2,299,000 |
| 01/22/2018 | Previously Listed by Brown Harris Stevens | $2,399,000 |
| 11/09/2017 | Delisted by Compass. Last priced at $2,750,000 | $2,750,000 |
| 02/07/2017 | Previously Listed by Compass | $2,695,000 |
| 06/03/2013 | Halstead Real Estate Listing sold | $2,100,000 |
| Previous Sale recorded | $1,990,000 | |
| 02/12/2013 | Previously Listed by Halstead Real Estate | $2,100,000 |
| 07/01/2007 | Corcoran Listing is no longer available on StreetEasy Last priced at $1,895,000 | $1,895,000 |
| 06/15/2007 | Previous Sale recorded | $1,929,583 |
| 06/10/2006 | Previously Listed by Corcoran | $1,999,000 |
How much more bounciness will we see at Woolworth Tower?
The Woolworth Tower Residences at 2 Park Pl. in Tribeca
The Woolworth Tower Residences, 2 Park Pl.: The award-winning restoration of The Woolworth Tower Residences is now complete with residences available for...
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For Sale: 2 Park Pl. #45A in Tribeca
2 PARK PLACE #45A is a sale unit in Tribeca, Manhattan priced at $6,990,000.
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For Sale: 2 Park Pl. #38B in Tribeca
2 PARK PLACE #38B is a sale unit in Tribeca, Manhattan priced at $7,150,000.
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Rupert Murdoch Takes $2.5M Loss on One Madison Condo
Rupert Murdoch’s condo at One Madison in the Flatiron District building developed by Related and HFZ sold for $3.5 million below ask.
therealdeal.com
Rupert Murdoch takes $2.5M loss on One Madison condo
Media mogul listed two units at Related and HFZ-developer 23 East 22nd Street
Rupert Murdoch’s One Madison unit recently topped Manhattan’s luxury contracts, but the condo traded at a $2.5 million loss.Unit 57A, which asked $16 million, sold for $12.5 million, public records filed Monday show. The sale came in $3.5 million below ask and $2.5 million less than the $15 million the media mogul paid for it in 2014.
The three-bedroom, three-and-a-half-bathroom unit spans over 3,000 square feet. Its one of two Murdoch bought in 23 East 22nd Street, a luxury residential property developed by the Related Companies and HFZ Capital Group.
Murdoch bought Unit 57A mainly for staff and guests to reside one floor below a penthouse built out to his specifications. The larger unit, a triplex occupying the tower’s 58th, 59th and 60th floors, is also up for grabs, asking $58 million.
Murdoch paid about $57.9 million for the two apartments in 2014. When they were first put on the market, the two units asked a combined $78 million, with the triplex asking $62 million and the smaller unit asking $16 million.
The unit was the priciest on Olshan Realty’s weekly report on contracts for Manhattan homes asking $4 million or more.
It wasn’t Murdoch’s first chart-topping real estate deal. In December 2021, he and his then-wife supermodel Jerry Hall paid the founder of Koch Industries $200 million for a Montana ranch. The couple’s purchase of the property, which is home to 12,000 cattle, marked the biggest such sale in the state’s history.
The Murdoch family also owns a ranch in California and a roughly 25,000-acre sheep and cattle farm in Australia. In 2013, Murdoch purchased an estate and winery in Los Angeles’ Bel-Air neighborhood.
Manhattan’s luxury market picked up in October after hitting a slump in late September. Olshan Realty’s report marked 30 signed contracts in the week of Oct. 17 to 21 — the highest total since the 39 recorded in early May.
No bouncing.
Former pharma exec Bruce Gelb served as an ambassador to Belgium for three years. It took double the time to sell his Carnegie Hill co-op at a price reminiscent of bitter Belgian chocolate.
Gelb sold his prewar co-op at 1060 Fifth Avenue for $17.5 million, according to public records. The buyers are Andre Moura, managing director at New Mountain Capital, and his wife, Sophia.
It took months for the sale to close, as the New York Post reported Gelb was in contract to sell the property in June. When the contract was signed, the final ask on the pad was $20 million.
At first glance, it appears the Mouras scored a decent discount from that last ask, but the purchase price was actually significantly lower than what the 95-year-old Gelb once sought. In 2016, he listed the property for a whopping $65 million, making it one of the priciest listings in the city at the time.
The intervening years were not kind to Gelb as the listing bounced between brokerages, accompanied by deep price cuts. Luxury agent Dolly Lenz relisted the 15-room apartment in 2017, reducing the price by 42 percent to $38 million. Five months later, Compass and Stribling & Associates were in the driver’s seat and dropped it to $34.5 million.
Sotheby’s International Realty took the wheel in 2019, eventually dropping the price to $24 million. After no one bit again, Sotheby’s pulled the listing last August before bringing it back online in February.
The 10th-floor unit includes seven bedrooms and five bathrooms, as well as a private elevator landing opening to a gallery and entertainment rooms with Central Park views. The corner living room has a wood-burning fireplace, while an adjacent library and formal dining room have fireplaces and more park views.
The apartment also has a kitchen with a pantry and staff and laundry areas.
Serena Boardman of Sotheby’s, who worked as the listing agent, did not immediately respond to a request for comment.
Bruce Gelb Finally Sells Fifth Avenue Co-Op
Former U.S. ambassador Bruce Gelb sold the co-op at 1060 Fifth Avenue for less than a third of the original ask when listed in 2016.
therealdeal.com
Bruce Gelb finally sells Fifth Ave co-op for $48M off initial ask
Former ambassador’s Carnegie Hill unit traded six years after listing
Former pharma exec Bruce Gelb served as an ambassador to Belgium for three years. It took double the time to sell his Carnegie Hill co-op at a price reminiscent of bitter Belgian chocolate.
Gelb sold his prewar co-op at 1060 Fifth Avenue for $17.5 million, according to public records. The buyers are Andre Moura, managing director at New Mountain Capital, and his wife, Sophia.
It took months for the sale to close, as the New York Post reported Gelb was in contract to sell the property in June. When the contract was signed, the final ask on the pad was $20 million.
At first glance, it appears the Mouras scored a decent discount from that last ask, but the purchase price was actually significantly lower than what the 95-year-old Gelb once sought. In 2016, he listed the property for a whopping $65 million, making it one of the priciest listings in the city at the time.
The intervening years were not kind to Gelb as the listing bounced between brokerages, accompanied by deep price cuts. Luxury agent Dolly Lenz relisted the 15-room apartment in 2017, reducing the price by 42 percent to $38 million. Five months later, Compass and Stribling & Associates were in the driver’s seat and dropped it to $34.5 million.
Sotheby’s International Realty took the wheel in 2019, eventually dropping the price to $24 million. After no one bit again, Sotheby’s pulled the listing last August before bringing it back online in February.
The 10th-floor unit includes seven bedrooms and five bathrooms, as well as a private elevator landing opening to a gallery and entertainment rooms with Central Park views. The corner living room has a wood-burning fireplace, while an adjacent library and formal dining room have fireplaces and more park views.
The apartment also has a kitchen with a pantry and staff and laundry areas.
Serena Boardman of Sotheby’s, who worked as the listing agent, did not immediately respond to a request for comment.
At what price do you think he’d be willing to unload the PH?Rupert Murdoch Takes $2.5M Loss on One Madison Condo
Rupert Murdoch’s condo at One Madison in the Flatiron District building developed by Related and HFZ sold for $3.5 million below ask.therealdeal.comRupert Murdoch takes $2.5M loss on One Madison condo
Media mogul listed two units at Related and HFZ-developer 23 East 22nd Street
Rupert Murdoch’s One Madison unit recently topped Manhattan’s luxury contracts, but the condo traded at a $2.5 million loss.
Unit 57A, which asked $16 million, sold for $12.5 million, public records filed Monday show. The sale came in $3.5 million below ask and $2.5 million less than the $15 million the media mogul paid for it in 2014.
The three-bedroom, three-and-a-half-bathroom unit spans over 3,000 square feet. Its one of two Murdoch bought in 23 East 22nd Street, a luxury residential property developed by the Related Companies and HFZ Capital Group.
Murdoch bought Unit 57A mainly for staff and guests to reside one floor below a penthouse built out to his specifications. The larger unit, a triplex occupying the tower’s 58th, 59th and 60th floors, is also up for grabs, asking $58 million.
Murdoch paid about $57.9 million for the two apartments in 2014. When they were first put on the market, the two units asked a combined $78 million, with the triplex asking $62 million and the smaller unit asking $16 million.
The unit was the priciest on Olshan Realty’s weekly report on contracts for Manhattan homes asking $4 million or more.
It wasn’t Murdoch’s first chart-topping real estate deal. In December 2021, he and his then-wife supermodel Jerry Hall paid the founder of Koch Industries $200 million for a Montana ranch. The couple’s purchase of the property, which is home to 12,000 cattle, marked the biggest such sale in the state’s history.
The Murdoch family also owns a ranch in California and a roughly 25,000-acre sheep and cattle farm in Australia. In 2013, Murdoch purchased an estate and winery in Los Angeles’ Bel-Air neighborhood.
Manhattan’s luxury market picked up in October after hitting a slump in late September. Olshan Realty’s report marked 30 signed contracts in the week of Oct. 17 to 21 — the highest total since the 39 recorded in early May.
Call me and we can discuss what your offer should be.
I wonder what they could have gotten if they have priced the unit appropriately from the beginning?
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-15.11% from ask / 202 Days to Sell
1A At 50 West 9 Street Listing Information
Sold 1 Beds apartment in Manhattan's Greenwich Village for $1.91M. Find a Professional to help you price this property, collaborate and find similar
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$1,910,000
Sold: Oct 20, 2022-15.11% from ask / 202 Days to Sell
Unit listing history
| Date | Status | Amount | Listed by | Owner Name | ||
|---|---|---|---|---|---|---|
| Oct 19, 2022 | CLOSED | $1,910,000 | Groff, Jonathan | View ACRIS Filing | ||
| Aug 11, 2022 | CONTRACT SIGNED | last asking $1,925,000 | ||||
| May 16, 2022 | FOR SALE | $1,925,000 | Carl Adams | Brown Harris Stevens Residential Sales LLC | ||
| Feb 28, 2022 | OFF MKT | last asking $1,995,000 | ||||
| Dec 7, 2021 | $255,000 | $1,995,000 | ||||
| Nov 5, 2021 | FOR SALE | $2,250,000 | Carl Bradley Adams | Brown Harris Stevens Residential Sales LLC | ||
| Nov 1, 2021 | OFF MKT | last asking $2,250,000 | ||||
| Oct 8, 2021 | $100,000 | $2,250,000 | ||||
| Jul 26, 2021 | $350,000 | $2,350,000 | ||||
| Jun 3, 2021 | $200,000 | $2,700,000 | ||||
| May 11, 2021 | $300,000 | $2,900,000 | ||||
| Mar 23, 2021 | FOR SALE | $3,200,000 | Jessica Taylor | Serhant | ||
| Sep 30, 2019 | CLOSED | $1,040,000 | Jones, Deanna Hubbard, Jane | View ACRIS Filing | ||
| May 20, 2019 | CONTRACT SIGNED | last asking $1,000,000 | ||||
| Mar 4, 2019 | FOR SALE | $1,000,000 | Howard Morrel Leslie Hirsch | Engel & Volkers Engel & Volkers | ||
| View Less |
Another still waiting for bounce.
SEE LESS
A bit bouncy
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45A At 2 Park Place Listing Information
Sold 3 Beds apartment in Manhattan's TriBeCa for $6.5M. Find a Professional to help you price this property, collaborate and find similar properties.
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Celebrity "penthouse" asking $15 million.
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Sold for $10.8 million.
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For Sale: 34 Gramercy Park East #PHB in Gramercy Park
34 GRAMERCY PARK EAST #PHB is a sale unit in Gramercy Park, Manhattan priced at $15,000,000.
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Sold for $10.8 million.
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Jimmy Fallon.
For Sale: 357 West 17th St. in Chelsea
357 West 17th Street is a sale unit in Chelsea, Manhattan priced at $29,500,000.
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For Sale: 357 West 17th St. in Chelsea
357 West 17th St is a sale unit in Chelsea, Manhattan priced at $19,900,000.
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For Sale: 357 West 17th St. in Chelsea
357 West 17th Street is a sale unit in Chelsea, Manhattan priced at $17,999,000.
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For Sale: 357 West 17th St. in Chelsea
357 WEST 17 STREET is a sale unit in Chelsea, Manhattan priced at $22,500,000.
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How's your return if you bought this in 2006?
121 West 20th Street #2A
↓ $2,995,000 FOR SALE
121 West 20th Street #2A
↓ $2,995,000 FOR SALE
Price History
| 01/16/2023 | Price decreased by 8% | $2,995,000 ↓ |
|---|---|---|
| 01/09/2023 | Listed by Corcoran | $3,250,000 |
| 12/16/2022 | Delisted by R New York. Last priced at $3,250,000 | $3,250,000 |
| 03/18/2022 | Previously Listed by R New York | $3,600,000 |
| 12/16/2021 | Delisted by R New York | $3,700,000 |
| 05/04/2021 | Previously Listed by R New York | $3,700,000 |
| 07/25/2018 | Delisted by R New York | $3,395,000 |
| 05/21/2018 | Previously Listed by R New York | $3,395,000 |
| 07/10/2014 | Delisted by Manhattan Connection | $3,900,000 |
| 06/20/2014 | Previously Listed by Manhattan Connection | $3,900,000 |
| 03/20/2013 | Town Residential Listing sold Last priced at $2,750,000 | $2,750,000 |
| Previous Sale recorded | $2,550,000 | |
| 09/13/2012 | Previously Listed by Town Residential | $2,895,000 |
| 05/14/2009 | Corcoran Listing is no longer available on StreetEasy Last priced at $2,200,000 | $2,200,000 |
| 06/18/2008 | Previously Listed by Corcoran | $3,500,000 |
| 07/14/2006 | Corcoran Listing sold | $2,495,000 |
| Previous Sale recorded | $2,415,000 | |
| 02/23/2006 | Previously Listed by Corcoran | $2,495,000 |
| 07/01/1997 | Previous Sale recorded | $715,000 |