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

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 features practically sells itself, right? Well, there is another not-so-small detail: the price.

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

With no buyer committing to the 10th-floor, six-bedroom, six-bathroom condo at that high price, co-listing agents Jenny Lenz and Dolly Lenz have drastically cut the price to $38 million, reigniting interest in the 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.

Lenz explains the reasoning for the price drop with the recent sale of actress Demi Moore‘s New 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 the luxe unit—which was home to former U.S. Ambassador Bruce Gelb for some 50 years—certainly makes a statement.

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

But the location 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 developer will pave over the park and block your sight lines.

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

The building’s amenities include a full-service staff and a new, state-of-the-art gym. The units, however, don’t come with a garage or any outdoor space such as a terrace.

But if 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®.

Source: Real Estate News and Advice – realtor.com » Real Estate News