A marble-filled duplex apartment in Midtown Manhattan’s Olympic Tower returned to the market Tuesday with a new reduced $25 million price tag after spending more than a year in hiatus.
The ask is $8 million less than the $33 million that the home was asking when it was last on the market in November 2016, listing records show.
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The sellers are South African real-estate developer Munro Bank and his wife, Avra, PropertyShark records show, though Mansion Global could not verify when they bought the five-bedroom condo or how much they paid for it.
"I believe [they’ve owned it] over 10 years," said listing broker Leonard Steinberg who shares the co-exclusive with his Compass colleagues Herve Senequier, Amy Mendizabal and Calli Sarkesh and the De Niro team at Douglas Elliman.
"They bought it in horrible, horrible condition" and completely renovated the home, Mr. Steinberg told Mansion Global.
Spanning 7,750 square feet, the duplex has 11 rooms, a formal entry foyer, a media room, a formal dining room and Central Park views.
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"Today they are realistic sellers and they are basing the price on market conditions," Mr. Steinberg said of the discount. "At a little bit over $3,000 per square foot, it is a remarkably good buy."
The unit isn’t the only big-ticket Manhattan property to get a fresh price tag this week. On Monday, a co-op on Gracie Square received a discount of $7 million to $11.5 million, also presumably a response to difficult market conditions at the highest end of the market.
Mr. and Mrs. Bank—who could not be reached for comment—have let the property for the last few years and have counted Academy Award-winning actress Anne Hathaway and her then-boyfriend Raffaello Follieri as tenants; they paid $37,000 a month for the spread, according to The Wall Street Journal.
Though there is currently a tenant in place, Mr. Steinberg said the property will be delivered vacant.
In December, a penthouse in the building belonging to the Gucci family returned to the market for $35 million.