A Japanese billionaire who has struggled to sell two flashy apartments at Trump International Tower in Manhattan took an axe to the asking price on Tuesday.
Katsumi Tada, a real estate developer, is now selling the six-bedroom, six-bathroom spread overlooking Columbus Circle and Central Park for $27.5 million—a 31% price cut from the $40 million he originally wanted for the combined apartments last year.
With her 2nd price cut this year, Ivanka Trump has now shaved 30% off the original ask for her Park Ave rental https://t.co/D9uuA5yOKk pic.twitter.com/5cunjT3dRE
— Mansion Global (@MansionGlobal) September 28, 2017
Mr. Tada—who has a net worth of $1.7 billion, according to Forbes—filled the apartments with extravagant details and furnishings. The foyer has dramatic black-lacquer and gold leaf-gilded doors, four kinds of marble flooring and in other parts, hardwood floors repurposed from a French Chateau throughout, according to the listing with Douglas Elliman’s Margolis Espinal Adler Team.
Listing agent Howard Margolis said his client has dropped the price because he "is ready to sell his asset and wants to be competitive."
The apartment spans more than 6,300 square feet. Inside, there are expansive entertaining areas, a chef’s kitchen and a wing dedicated to the master suite. Listing agents are marking the palatial master as something that only exists "in the movies or at the Duomo in Florence."
Besides floor-to-ceiling windows overlooking Central Park, the bathroom clad in blue lapis lazuli stone includes columns that flank a Jacuzzi tub.
The new price is the latest of several strategies the Japanese mogul has taken in the past year to try and unload the extravagantly decorated units.
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Mr. Tada, 72, first listed the apartments together in May 2016, and later attempted to sell them separately. He priced the larger unit alone at $29.5 million—more than he’s now asking for the two condos together. (He never officially listed the smaller one alone.) Ultimately,the ownerdecided the homes had to sell together because he's integrated them as one unit, Mr. Margolis said.
Mr. Tada bought the units together for over $26 million in 2008 via his company Daisho Co., public records show. His company develops offices, hotels and malls and owns six residential properties in the Asia Pacific region.
In 2015, he made headlines in Singapore when he sold a penthouse at the St. Regis Residences for a $15 million loss.
Mr. Tada did not return a request for comment.