Dead Cat Bounce?

David Goldsmith

All Powerful Moderator
Staff member

David Goldsmith

All Powerful Moderator
Staff member
Well now here's a bounce:
$11 million to $36 million
 

David Goldsmith

All Powerful Moderator
Staff member

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

All Powerful Moderator
Staff member
DATEPRICE/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

All Powerful Moderator
Staff member


Property History​

Price historyRecent sales
DATEPRICE/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

All Powerful Moderator
Staff member

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

All Powerful Moderator
Staff member
On and off the market for over 10 years.

DATEPRICE/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

All Powerful Moderator
Staff member
Not so much bounce as plummet.

DATEPRICE/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

All Powerful Moderator
Staff member

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

All Powerful Moderator
Staff member
DATEPRICE/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

All Powerful Moderator
Staff member
$4,032,00 plus "year long renovation"
Now asking $3,250,000


On market (NB multiple past listings)
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

DATEPRICE/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


DATEPRICE/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
 
Last edited:

David Goldsmith

All Powerful Moderator
Staff member

David Goldsmith

All Powerful Moderator
Staff member

Adam Neumann tries again to drop Gramercy Park penthouse
WeWork co-founder lists home for reduced $25M

Adam Neumann isn’t getting a second act at WeWork, but he’s hoping his third attempt at selling a penthouse in Gramercy Park will be the charm.

Neumann relisted his triplex at 78 Irving Place for $25 million, the New York Times reported. The listing price breaks down to $3,788 per square foot for the 6,600-square-foot pad.

The three-story home spans the fifth, sixth and seventh floors of the building. The four-bedroom home has a roof terrace with a barbecue area, a skylit spiral staircase and chandeliers. Silverstone Property Group converted the 14-unit property, built in 1920, from rentals to condos in 2016.

Neumann last listed the unit a year ago for $32 million, but included a duplex that was struck this time from the offering.

Neumann also tried to quietly offload the property in 2019 before it was first officially listed for $37.5 million in 2020. Neumann purchased the duplex penthouse and another unit on the floor below in 2017 for $27.5 million.

Douglas Elliman’s Eleonora Srugo and Jordyn Taylor Braff have the listing, which was formerly held by Official’s Tal Alexander.

Last week, Neumann abandoned his effort to take back control of the bankrupt co-working company where he first made a name for himself. He offered more than $500 million to buy the company, but software firm Yardi Systems struck a deal that would make it WeWork’s majority owner upon its bankruptcy exit.

Neumann was forced out of WeWork in 2019 after a failed attempt to take the company public. WeWork contended with losses for years and filed for bankruptcy last year. Meanwhile, Neumann launched a new company, Flow, targeting residential apartment management.

Neumann has parted with numerous New York homes in recent years, including ones in Westchester County, the Hamptons and Greenwich Village. He maintains a home in the Hudson Valley, as well as one in Miami.
 

David Goldsmith

All Powerful Moderator
Staff member
Original ask $18.3 million, now $11.8 million

432 Park nears sellout after $11.3M condo sale
Unit was initially listed for $18.3 million in 2014

The supertall condo at 432 Park Avenue has closed on one of its last units.


Michael Ostad, a real estate lender and former doctor, spent $11.3 million on an apartment in the 125-unit Billionaires’ Row building, Crains reported.

The high-rise, developed by Harry Macklowe and CIM Group, has been mired in lawsuits and alleged construction issues and has seen its prices slashed accordingly since units first hit the market.

The 4,000-square-foot condo purchased by Ostad had an initial asking price of $18.3 million in 2014, before dropping its last list price to $12.4 million and ultimately closing at $11.3 million. The unit was unlisted on Streeteasy from 2015 to 2023.

The three-bedroom, four-and-a-half-bathroom apartment went into contract on May 15 and closed on June 4, according to public records.

Elliman’s Shari Scharfer Rollins marketed the unit.


The sale marks a light at the end of the tunnel for 432 Park, which has just one unclaimed residence left, unit 29E, which will require a build-out. That unit may not be far behind, as it went into contract in June after it was listed on Streeteasy for $5.8 million, a drop from its initial ask of $7 million.

While the supertall market has cooled considerably in the past few years, 432 Park has been beset by a host of alleged issues, many of which were brought to light in a 2021 lawsuit filed by building residents.

The lawsuit claimed leaks, broken elevators and creaky walls, and was initially asking for $250 million in damages.

READ MORE
CIM Group Goes on Attack Against 432 Park Avenue Board
NEW YORK
The 432 Park Avenue condo board’s battle with developers heats up

NEW YORK
Saudi magnate slashes 432 Park Ave penthouse ask — again
432 Park Avenue with Tal Alexander, Ryan Serhant and Noel Berk (Getty, Serhant, BFA for Douglas Elliman, Engel & Völkers)
NEW YORK
432 Park Avenue is doing just fine, thanks
The developers dismissed the allegations in the suit as “massively exaggerated” while claiming to have fixed some construction issues and assuring the building’s safety.

Some units in the building are already back on the market, including a penthouse listed at $105 million after it was initially listed for $169 million in 2021. The current listing would still net a profit, as the owner paid roughly $88 million for the apartment in 2016.
 

David Goldsmith

All Powerful Moderator
Staff member
The Real Deal Logo



New York
A

Penthouse at 50 United Nations Plaza finally finds a buyer​

Turtle Bay duplex asking $40M lands Manhattan’s top contract after 10 years and $30M off

The crown jewel penthouse at 50 United Nations Plaza has finally found a buyer after more than a decade on the market and tens of millions in price cuts.

The Turtle Bay duplex, asking just under $40 million, was the priciest Manhattan home to land a signed contract last week, according to Olshan Realty’s weekly report. The unit, spanning the 42nd and 43rd floors, initially asked $70 million when it was marketed off of floor plans in 2013.
The 9,700-square-foot apartment has four bedrooms, seven bathrooms and two staff rooms. It also features a terrace, 12-foot ceilings, views of the East River from the living and dining rooms and a 33-foot swimming pool.
An in-house team with Zeckendorf Marketing is heading sales at the 88-unit tower developed by Zeckendorf Development and Eyal Ofer’s Global Holdings. Jessica Levine of Douglas Elliman brought the buyer.
Amenities in the building, designed by Foster + Partners, include a pool, fitness center, motor court and garage.
The 43-story building, which opened its doors in 2015, has been home to a number of diplomats and politicians. Until 2018, former Republican
presidential candidate Nikki Haley lived at the tower, across the street from the United Nations headquarters, while she was serving as the US ambassador to the UN.

Other buyers include the British consulate, which paid $16 million for a 38th-floor penthouse in 2019, and the consulate general of Kuwait, who bought a unit two floors up also for $16 million. The Qatari government purchased four apartments for $45 million in 2015.

Property History
Price history
DatePrice/Event
5/14/2024

$39,950,000

Delisted by Zeckendorf Marketing

4/11/2022

$39,950,000

Listed by Zeckendorf Marketing

4/10/2022

$39,950,000

Delisted by Zeckendorf Marketing

9/8/2021

$39,950,000

Listed by Zeckendorf Marketing
Price history
DatePrice/Event
3/5/2019$39,950,000
No longer available
9/24/2018$39,950,000
Price decreased 18%
2/25/2018$49,000,000
Price decreased 13%
12/29/2017$56,000,000
Price decreased 11%
12/14/2017$63,000,000
Price decreased 10%
7/23/2015$70,000,000
Listed by Zeckendorf Marketing
 

David Goldsmith

All Powerful Moderator
Staff member
Looks like they rented it for a couple of years until the market improved.


Unit listing history
Date Status Amount Listed by Owner Name
Aug 19, 2024$5,000$885,000Shaun Anders
Noble BlackDouglas Elliman Real Estate
Douglas Elliman Real Estate
Aug 19, 2024$10,000$880,000
Jun 25, 2024$5,000$890,000
Apr 16, 2024FOR SALE$895,000Shaun Anders
Noble BlackDouglas Elliman Real Estate
Douglas Elliman Real Estate
Nov 28, 2022OFF MKTlast asking $950,000
Nov 17, 2022OFF MKTlast asking $4,750Marie Espinal
Jeff Adler
Shaun AndersCorcoran Group
Corcoran Group
Douglas Elliman Real Estate
Oct 1, 2022$45,000$950,000Marie Espinal
Jeff AdlerCorcoran Group
Corcoran Group
Jul 25, 2022$100,000$995,000
Jul 7, 2022FOR RENT$4,995Marie Espinal
Jeff AdlerCorcoran Group
Corcoran Group
Jun 6, 2022$80,000$1,095,000
Apr 26, 2022$20,000$1,175,000
Mar 15, 2022FOR SALE$1,195,000Shaun Anders
Marie EspinalDouglas Elliman Real Estate
Corcoran Group
Sep 12, 2021OFF MKTlast asking $1,250,000
Sep 7, 2021FOR SALE$1,250,000Shaun Anders
Christopher AustadDouglas Elliman Real Estate
Douglas Elliman Real Estate
Sep 5, 2020RENTED$4,000
Aug 26, 2020OFF MKTlast asking $1,250,000
Aug 14, 2020LEASE SIGNED$4,000
Jul 8, 2020$250$4,000
Jun 10, 2020$500$4,250
May 20, 2020FOR RENT$4,750Shaun Anders
Christopher AustadDouglas Elliman Real Estate
Douglas Elliman Real Estate
May 20, 2020FOR SALE$1,250,000Shaun Anders
Christopher AustadDouglas Elliman Real Estate
Douglas Elliman Real Estate
Oct 23, 2018OFF MKTlast asking $1,450,000
Apr 23, 2018FOR SALE$1,450,000
Jan 27, 2016CLOSED$1,079,000gray, nicholas warren
gray, rebecca louiseView ACRIS Filing
Jul 16, 2015CONTRACT SIGNEDlast asking $999,000
Jun 4, 2015FOR SALE$999,000
View Less
Date
Aug 19, 2024

Aug 19, 2024
Jun 25, 2024
Apr 16, 2024

Nov 28, 2022
Nov 17, 2022



Oct 1, 2022

Jul 25, 2022
Jul 7, 2022

Jun 6, 2022
Apr 26, 2022
Mar 15, 2022

Sep 12, 2021
Sep 7, 2021

Sep 5, 2020
Aug 26, 2020
Aug 14, 2020
Jul 8, 2020
Jun 10, 2020
May 20, 2020

May 20, 2020

Oct 23, 2018
Apr 23, 2018
Jan 27, 2016
Jul 16, 2015
Jun 4, 2015
View Less
Price at a glance

The table below is a set of local area averages calculated using relevant comparable apartments and broken down by listing status. Select the Price Subject Unit button for a more accurate pricing analysis.
Central Harlem 2 bed Avg Price Avg PPSF
For sale: Similar 2 beds (3) $752k $853
In Contract: Similar 2 beds (0) - -
Recently Sold: Similar 2 beds (2) $997k $957
In-Building Avg Price Avg PPSF
For sale: Similar 2 beds (0) - -
Sold: Similar 2 beds (0) - -
Sold: Same Line 2 beds (0) - -
UD Suggested Comps (0) - -
Legend: • Average • Unit 1B

Overall Average Sales Price
$752k
$874k
$997k

Overall Average Price per SFT
$853
$905
$957

Overall Average Monthlies
$934
$1,186
$1,468

Overall Average Size
964
1,037
Similar Listings for Sale
159 W 126 ST - Unit 3B

Central Harlem / CONDO
$880,000

On market for $880,000

0% from ask / 140 days on market

Monthly Expenses: $1,300

2 beds - 2.0 baths / 1018 ft²
UrbanDigs
Explore

In the Press
Talking Manhattan Podcast
Urbandigs Forum

About Us

Contact Us Press Inquiries Testim
onials Terms Of Use Site Map

Find Us On

Facebook Twitter Instagram LinkedIn

© 2005 - 2024 UrbanDigs. All rights reserved
 

David Goldsmith

All Powerful Moderator
Staff member

DatePrice/Event
11/20/2024

$20,500,000

Listed by Sotheby's International Realty

1/26/2023

$30,250,000

No longer available

10/27/2022

$30,250,000

No longer available

10/27/2022

$30,250,000

Temporarily off market

2/8/2022

$30,250,000

Listed by Corcoran
 
Top