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More High-End Price Slashing

Price reductions continue at the high end of the Manhattan real estate market as the rich accept that they may have to settle for mere 300% gains. Gabriel Sherman reports that Benny Shabtai is now asking just $21 million for his townhouse at 870 Park Avenue (@ 77th/78th St), down from the original $23 million asking price. The townhouse, which boasts a facade designed by Robert A.M. Stern in the mid-1970's, sold in 2000 for $8.2 million.
· Listing: 870 Park Avenue [Corcoran]
· Park Ave Slasher [NYObserver]