Will a $27M Price Slice Help Seal Deal on Luxe Condo in Prime NYC Location?

Will a $27M Price Slice Help Seal a Deal For a Luxe NYC Location?

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A prime location overlooking Manhattan’s Central Park. A prestigious address with the likes of George Soros as a neighbor. A 7,000-square-foot apartment with 15 rooms,11-foot-high ceilings, and a private elevator.

A place with such featurespractically sells itself, right? Well, there is anothernot-so-small detail: the price.

When it landed on the market in April 2016, the luxuryapartment in the prewar building at 1060 Fifth Avenue on the Upper East Side was priced at$65 million. Designed by architectJ.E.R. Carpenterand constructed in 1929, the building currently offers white-glove service.

With no buyer committing tothe 10th-floor, six-bedroom, six-bathroom condo at that high price, co-listing agents Jenny Lenz andDolly Lenzhave drasticallycut the price to $38 million, reigniting interest inthe luxe home.

We already have a lot of interest, says Dolly Lenz. It will be sold this summer.

However, even with financing in place, a potential buyer will require approval from the building’s co-op board.

Living room
Living room

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Lenz explainsthe reasoning forthe price drop withthe recentsale of actress Demi Moore‘sNew York City penthouse after a few years on the market.

She started out at $75 million and ended up at $45 million, Lenz explains. One number is a nice idea and maybe could work-and the other is the number that actually does.

It seems$38 million has a better chance of bringing in buyers, and theluxeunit-which was home to former U.S. AmbassadorBruce Gelbfor some 50 years-certainly makes a statement.

Formal dining room
Formal dining room

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The layout boasts a double living room, elegant library, and formaldining room, all with unobstructed views of Central Park, the reservoir, and the city skyline.Unusual city features such asfour wood-burning fireplaces also grace the home.

Central Park view
Central Park view

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But thelocation is truly the draw. It is a once-in-a-generation opportunity to be that high up, says Lenz. After all, there’s no worry that a developerwill pave over the park and block your sight lines.

In fact, the large-pane windows that overlook Central Park are city landmarked, Lenz adds.

Thebuilding’s amenities include a full-service staff and a new, state-of-the-art gym. Theunits, however, don’tcome with a garage or any outdoor space such as a terrace.

Butif you want outdoor space, just head out to the acres of parkland steps from your fancy front door.

The post Will a $27M Price Slice Help Seal Deal on Luxe Condo in Prime NYC Location? appeared first on Real Estate News & Insights | realtor.com.

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