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Is This Apartment a Victim of Park Avenue's New "Luxury Bargain Bin" Status?

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We've been scratching our heads as to why this floor through beauty at 940 Park Avenue just has not been able to sell. It's a 4,000 square foot 3BR/2.5BA (a potential cause) floor through apartment, first hitting the market way back in 2005 for $10,900,000. Through the years it's made a series of price reductions and is now all the way down to its current ask of $7,650,000. We assumed the place was in dusty condition, but the listing photos do seem to suggest otherwise. Is a stuffy co-op board behind this? Or could it be something deeper than that?

For a while now we've been observing the big discounts Park Avenue pads have been selling for. Though it may seem brazen to flippantly suggest this, but is Park Avenue just becoming second tier in the highest end of Manhattan real estate? The Astor apartment at 778 Park Avenue sold for $25 million off asking price. Another unit in that building sold to Minnesotta Viking's owner Zygmunt Wilf for a more diminutive, but not unsubstantial, $4.5M off the $24.5M ask. And the grandaddy of them all, 740 Park Avenue isn't immune either. Unit 4/5C hit the market for $35,000,000 back in 2008. It still hasn't found a buyer at its pricechopped ask of $23,000,000, $12M off ask. Stringent co-op board mystique can't explain away everything. Compare this to any action at newcomers like 15 Central Park West, or even the presales at One57. Just sayin'.

· Listing: 940 Park Avenue Apt. 10 [DE]