Fashion designer and entrepreneur Serge Azria could be factoring market trends in his real estate dealings, now offering his Manhattan penthouse at a $2.55-million discount after failing to sell it at the full price.
Mr. Azria, chief executive and creative director behind brands such as Joie, Equipment and Current/Elliot, tried to flip the stylish residence in 443 Greenwich, a star-studded building in Tribeca, for $17.3 million last August.
Now he is asking $14.75 million. He also changed his brokerage firm from Douglas Elliman to The Corcoran Group, whose agents Patricia Lockridge and Paul Kolbusz relisted the property Thursday.
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Mr. Azria bought the duplex penthouse for $14.3 million in February 2017 through a limited liability company, which has links to two other properties in his real estate portfolio, property records show.
Perched on the top two floors in the 1882 book bindery-converted luxury condo, the penthouse has 3,417 square feet of interior living space and a 1,100-square-foot outdoor terrace.
The home encompasses three bedrooms, three-and-a-half bathrooms, a great room with a five-foot gas fireplace, dining room and a kitchen. The private rooftop terrace is equipped with a kitchen, barbecue and ice maker and other entertainment necessities, according to the listing.
Custom enhancement of the home include wide plank white oak floors, steel-wrapped columns, privacy blinds on every window, and smart-home technology.
Mr. Azria, who couldn’t be immediately reached for comment, has never lived in the penthouse, according to the listing.
If it’s sold at the current asking price, his investment wouldn’t reap a big profit, though.
Also, the market doesn’t seem very promising if the sales over the first quarter could be any indication. There were three sales in the building so far this year, all coming with discounts, according to records on listings website StreetEasy.
The most expensive one was sold in January for $13.04 million, representing a 5.5% discount from the asking price of $13.8 million. Another was sold in February for $11.973 million, a 7.9% off from listing price $12.995 million. The last and least expensive one was sold for $9.32 million in February, marking a less than 1% discount.
However, the 53-residence boutique luxury condo still has its edge. Due to its prime location, luxury amenities, privacy and security it offers, it has attracted a slew of A-list celebrity buyers, including star couple Justin Timberlake and Jessica Biel, who bought one of the eight penthouses; One Direction singer Harry Styles; actor Jake Gyllenhaal; actress Jennifer Lawrence and Rebel Wilson, among others.