How low can you go? This high-profile property has been thrown in the real estate equivalent of the half-off bin.
The owner of a spectacular three-story, 16-room penthouse co-op at the Pierre Hotel has slashed the property’s $125 million listing price by almost half, relisting it for a comparatively measly $63 million.
That hardly makes it affordable to anyone other than Russian oligarchs and Silicon Valley tech moguls but it’s the largest price-cut the market has seen in years and ususual in a booming market, experts said.
“It’s a fantasy listing with no bearing in reality,” said luxury broker Donna Olshan. “But you can’t trick the market.”
The property is owned by Barbara Zweig, the widow of late financier Martin Zweig, who made his fortune shorting the markets amid the stock market crash of the late 1980s.
Listing brokers Mary Rutherfurd and Leslie Coleman of Brown Harris Stevens declined to comment on the seller’s logic but, suffice to say, she’s in a rush to unload the property. Maybe she was sick of paying the $44,000 a month common charges.
Her husband had been attempting to sell it for years, first listing the pad for $70 million in 2004 and later taking it off the market after the recession hit. He died in 2013.
If the property has sold for the $125 million it was asking in 2013, it would have been the most expensive private residence ever sold in the city. Last month, a palatial apartment on 57th St. broke that record after selling for a staggering $100.47 million.
The jaw-dropping Pierre home still has the hotel’s original ballroom with a 23-foot ceiling, a paneled library, four separate outdoor terraces and four working fireplaces, according to the listing.
The hotel, at 795 Fifth Ave., was built in 1928 and remains the tallest prewar building on Central Park.
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