The 5 biggest price chops on luxury pads last week Penthouses at 505 West 19th Street saw the biggest reductions
Clockwise from left: 505 West 19th Street, 149 West 10th Street, 160 West 12th Street and 421 Hudson Street
Two years ago, New York City’s luxury residential market seemed limitless, but these days, sellers are adjusting to a very different reality.
Data provided to The Real Deal by StreetEasy for the period between Oct. 10 and Oct. 16 show sellers are continuing to discount properties in an effort to shift inventory. The two biggest cuts were Penthouse 1 and Penthouse West at 505 West 19th Street which were reduced by 12 and 11 percent respectively. Here’s a look at the five biggest price chops for properties priced over $10 million:
505 West 19th Street, Penthouse 1
Penthouse 1, 505 West 19th Street
Previous price: $19.9 million
Current Price: $17.5 million ($3,000 per square foot)
Percentage Drop: 12%
This High Line penthouse was originally listed in April of last year for $22 million. Ziel Feldman s HFZ Capital dropped the price of the new development condo unit to $19.9 million two months later, but it still failed to sell. The property was price-slashed again last week, with an asking price now $17.5 million. The four-bedroom apartment spans 5,728 square feet and boasts a 795-square-foot private terrace. There’s also a study, a wood-burning fireplace and a chef’s kitchen.There are three penthouses in the building, all of which debuted on the market in 2014 for more than $17 million. The only one that s sold is Penthouse #2, which closed for $17.9M in March. The Corcoran Group s Shelley O’Keefe and Michael Johnson, who have the listing, could not be reached for comment.