A 17,500-square-foot (1,626-square-meter) condo that sits on the top of Extell Development’s Central Park Tower was once listed for $250 million.
A year after its listing, and a year after failing to sell, the price has been slashed by 22%, to $195 million, according to a new report from Bloomberg.
Gary Barnett, founder and chairman of Extell, talked down the price cut to Bloomberg: “The original pricing on these units were headline prices."
He continued: “We have recently sold a significant amount of inventory at the top of the building and now want to get serious about selling these two showcase homes as well, so we lowered the prices to closer to where we think they will trade.”
The building is at Billionaires’ Row building on West 57th Street and the apartment in question starts at the 129th floor. It sports 23 total rooms, including seven bedrooms and a ballroom, which is of course a "must have" for any apartment in New York City.
As Bloomberg notes, the $238 million that Ken Griffin paid for a place at 220 Central Park South still remains the highest price tag ever on a New York Apartment. The Extell Central Park Tower unit doesn't look as though it will challenge Griffin's purchase price.
And in what is likely a sign of the "cooling housing market" times, another property of Extells, a 12,600-square-foot duplex, also saw its price slashed from $175 million to $149.5 million earlier this year.
Jonathan Miller, president of appraiser Miller Samuel Inc. concluded: “Even with the new price, the brokers will probably have a lot of work to do.”
Recall last week Zero Hedge contributor Wealthion published an interview with Danielle DiMartino Booth explaining why the housing market in the U.S. was in for a "Category 5" storm that could rival the great financial crisis. You can watch that video here.