The owner of Manhattan’s most expensive listed home has had to chop the asking price, in the latest sign that the top end of the market is struggling against a backdrop of oversupply and weakening demand.
The 12,000-square-foot co-op at 834 Fifth Ave. was originally priced at $120 million when it first came to market back in April, and the owner is now asking $96 million.
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The apartment belonged to late financier John Gutfreund, who was known as the "King of Wall Street" and was the CEO of Salomon Brothers until 1991, according to the New York Observer. Mr. Gutfreund passed away earlier this year and his wife, Susan, decided to put the home up for sale.
The 22-room apartment in the 1930s building boasts views of both Central Park and the Empire State buildings, staff quarters and a room-sized fully fitted wine cellar.
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The buyer, however, will need to make sure their finances are in order, as the co-op board is notoriously strict, and doesn’t accept any financing, according to the Observer.
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