New York City’s most expensive home has just taken a major price cut, and that’s likely a surprise to no one considering the fact that the 12,000-square-foot co-op was asking an earth shattering $120 million. The price on the 20-room duplex has now been reduced by $24 million to $96 million, the Observer reports, though the price cut does nothing whatsoever to the palatial apartment’s position at the top of the city’s most expensive homes list, according to StreetEasy listings.
The co-op at 834 Fifth Avenue was once home to financier John Gutfreund, but after he passed away this March, his wife decided to sell the apartment. About six months after it was first listed, a buyer has yet to come up with the requisite millions. Apart from the astronomical ask, some of it might have to do with the co-op board.
The Rosario Candela-designed building the apartment is in only has 24 apartments spread out over its 14 floors, and the board, according to the Observer, does not accept financing, making it all the harder to come up with all that cash.
So what makes the apartment so damn expensive? It might be the 17th century leather walls in the library or the marbled and mirrored bathroom from the 1930s or just the fact that it once belonged to a man who was nicknamed "The King of Wall Street." Do you think this price cut will make a difference?