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.
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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.