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Park Avenue Penthouse Sells at More Than 50% Off, Maybe

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With in-demand apartments all over Park Avenue, how to make a new condo building stand out? Two ways! First, construct a glassy building that really annoys the neighbors. Then, chop prices by more than 50 percent to sell the apartments inside of it. Do both those things, and you'll have 1055 Park Avenue, the troubled sliver building that's been on the market since October 2009. Especially troubled has been the penthouse, which originally hit the market for $9,305,200, was PriceChopped to $4.3 million, and is now, the Journal reports, in contract?for less than $4 million. That works out to under $1,850/square foot, a shameful number for a Park Avenue pad, and one that falls below the minimum price set by the lender, which will have to approve the sale. Developer Trevor Davis has filed for personal bankruptcy protection, is facing a foreclosure filing, and, according to the Journal, has made peace with taking a loss on the glass slipper. Any other buyers want to try it on?

· Listing: 1055 Park Avenue, Unit PH [Elliman]
· Glass Condo, Rock-Bottom Price [WSJ]
· 1055 Park Avenue coverage [Curbed]

1055 Park Avenue

1055 Park Avenue, New York, NY 10128