While in recent weeks we have documented various instances of sharp pullbacks in the ultra-luxury segment of New York's housing market (here, here and here), a dramatic example of just how sharp the drop in the high-end housing segment has been comes courtesy of Mansion Global which reports that J. Crew CEO Mickey Drexler has slashed a whopping $15 million from the asking price of his Tribeca loft after it languished on the market for close to two years, unable to find a buyer.
The 72-year-old fashion boss’s 6,226-square-foot spread has just reappeared for sale with a $19.95 million price tag, way below the original $35 million it was first listed for in April 2015, according to listing records. Between its original listing in 2015 and today, there were several other price cuts, with the loft last appearing on the market for $22.5 million last August. That listing was removed entirely in January, only to reappear for $2.5 million less.
Listing images reveal the five-bedroom pad’s stylish interiors designed by French architect Thierry Despont, including arched windows, original columns and industrial doors, par for the course for what one would expect from a fashion industry bigwig. The building located on Franklin Street is a boutique, 12-unit, full-service condominium with 24-hour doorman and is just down the block from Taylor Swift's Tribeca pad.
Even with the hefty haircut, Drexler stands to make a nearly $6 million profit should he find a buyer: property records show that 140 FRANKLIN STREET LLC paid $14.3 million for the apartment in 2012. PropertyShark’s records link the LLC to J. Crew’s headquarters in New York.