Mike Jeffries, former chairman and chief executive of Abercrombie & Fitch, has dropped the price of his Manhattan townhouse to $16 million from last October’s ask of $19.5 million.
Mr. Jeffries, 73, who is credited with re-establishing the brand image of the upscale collegiate apparel retailer Abercrombie & Fitch, bought 4 Sutton Square for $10.9 million in 2005 while he was at the helm of A&F, property records show.
He stepped down in December 2014 as Abercrombie’s CEO amid criticism of the company’s poor performance in sales and stock prices. An outspoken business executive, he made many contentious comments to the press, once saying that "we want to market to cool, good-looking people. We don't market to anyone other than that."
Mr. Jeffries also switched brokerages for the townhouse from Brown Harris Stevens to Douglas Elliman, which posted the listing Sunday. Brown Harris Stevens listed the townhouse for $19.5 million last October.
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After Mr. Jeffries purchased the historic townhouse, he commissioned Daniel Romualdez, who is behind interiors of luxury tower 70 Vestry in Manhattan’s Tribeca neighborhood, to renovate and restore the home. The project took three years, and now the five-story townhouse touts a classic and chic design with a flexible layout of three to four bedrooms, four full and four half bathrooms, according to the listing.
Other features include seven wood-burning fireplaces, floor-to-ceiling paneled windows, elevator access to all floors, multi-zone central air conditioning and a state-of-the-art security and sound system. Interior finishes include rubbed Venetian plaster walls, French polished wood walls, and cashmere-covered walls in the bedrooms.
A chef’s kitchen and a formal dining room at the garden level open to the landscaped communal garden, which is considered one of the largest private gardens in Manhattan.
Built in 1899 for Henry Sprague, inventor of the Sprague gas meter, the townhouse has seen a slew of notable owners, including Florence M. Lewis, founder of cosmetics empire Elizabeth Arden.
"Once lived in by Elizabeth Arden and later the grandson of J. P Morgan, 4 Sutton Square provides a sophisticated and sleek ambiance for its residents," said Michael Passaro, who co-listed the property with colleague Lauren Muss. "The most unique aspect of the property is that it isone of the 18 homes equipped with exclusive access to the Sutton Square park, overlooking the East River," he said.
Sutton Square, a small and exclusive enclaveunder the Queensboro Bridge and at the edge of the East River, has had many notable residents over the past century, including Anne Morgan, J.P. Morgan’s daughter and a socialite and philanthropist, and Anne Vanderbilt of the famed Vanderbilt family.
At least three townhouses in the area are currently on the market. 7 Sutton Square, owned by billionaire art dealer Guy Wildenstein, asks $39.8 million; 16 Sutton Square, serving as a two-family residence, is on the market for $29.95 million; and the single-family townhouse at 14 Sutton Square is selling for $15 million.
Mr. Jeffries couldn’t immediately be reached for comment.