The Ritz’s ‘Versailles in the sky’ returns with a huge price chop

Though the number of apartments that enter the market in New York asking $50 million or above has increased in recent years, the number of apartments that actually sell for that much is not quite as high. Often times, those pricey pads end up on the chopping block—and this apartment, located on the 33rd floor of the Ritz-Carlton Hotel on Central Park South, is no different.

The two-bedroom apartment is owned by financier Howard Marks and his wife, Nancy, who bought the 4,600-square-foot condo for $18.875 million in 2007. But after purchasing another exorbitant apartment at 740 Park Avenue, the couple tried to offload this piece of Central Park-fronting property—with an overly ambitious asking price of $50 million. Unsurprisingly, it didn’t sell—not in 2012, and not in 2015—so now now, it’s back with a $27 million price tag.

Whether or not the apartment is even worth that much money is up for debate; it is, after all, just a two-bedroom, though the master is accompanied by a dressing room and a sitting room that, when combined, are larger than most people’s apartments.

But it benefits from a luxurious renovation by Michael Smith that brought in decorative elements that gave it the “Versailles-in-the-sky” descriptor: “hand-hammered German silver floors, Venetian plaster walls, 18th-century-style wood paneling by Feau & Cie, and an elegant chinoiserie wood-paneled library” are among its many fancy finishes.

The condo also comes with access all of the Ritz-Carlton’s amenities for guests, including a La Prairie spa, along with in-room dining and housekeeping services, because what’s the point of living above a hotel if you have to do those things yourself?

• Listing: 50 Central Park South #33 [Corcoran]
• 'Versailles in the Sky' on Central Park South Returns For $50M [Curbed]
• Two-Bedroom in the Ritz Carlton Seeks $50M [Curbed]