A penthouse has been relisted with a massive price cut in a new boutique condo in Manhattan’s Carnegie Hill, a neighborhood full of pre-war co-op buildings and townhouses.
The price tag for the penthouse, the largest and most expensive unit in the nine-residence building on 1110 Park Ave., was lowered to $25.95 million Tuesday, more than $18 million, or 41%, less than the asking price three years ago.
The penthouse was first listed for $44 million by the building’s developer Toll Brother City Living, when the condo was still under construction in October 2014.
The price was dropped to $35 million in early 2015 before the construction was completed that fall. After a year, the developer signed on a brokerage and reduced the price further to $29.95 million in April 2016.
This time around, a new brokerage, Warburg Realty, was brought on board to market the penthouse. Listing agents from the brokerage declined to comment.
Toll Brothers City Living also declined to comment.
Spanning the top three floors of the 16-story building, the penthouse has 7,000 square feet of interior living space, featuring five bedrooms, five-and-a-half bathrooms, living and dining room, and a kitchen custom designed by Christopher Peacock.
Design details include wide oak herringbone flooring, mahogany paneling and millwork, pre-wiring for home automation, a curved staircase and Juliet balconies.
The penthouse also has exclusive use of the rooftop, which boasts a heated private pool, a wood-burning fireplace, a wet bar and outdoor barbecue.
Building amenities include a private-keyed elevator, 24-hour concierge service, a fitness center, wine cellar and storage.
In addition to the penthouse, Warburg Realty also re-listed another high-floor unit in the building for $15.95 million last week. The 5,097-square-foot residence was listed for $20 million in 2015 by the developer, Toll Brother City Living.
In August, former Avon CEO Andrea Jung sold her apartment in the building, which she never moved into, for $17 million, a loss compared to the $17.616 million she paid in July 2016.
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