After four years, London developer Christian Candy is still trying to flip his hard-to-sell penthouse at the Plaza Hotel—but his lack of success thus far has led to a hefty price chop on the property. Luxury Listings NYC reports that the penthouse, which was originally listed for $59 million, is now asking $39.7 million.
Candy, the developer behind London’s uberpricey One Hyde Park, purchased the home for $25.4 million way back in 2012, relieving its previous owner, Andrei Vavilov of his buyer’s remorse. (Recall that Vavilov sued over his purchase, claiming that he was sold an “attic” instead of the “light and airy expanse” he was promised.)
Just a year later, Candy put the penthouse back on the market for an unbelievable $59 million on the basis that it was being “delivered with custom furnishings personally selected by world renowned design firm Candy & Candy.” Despite the upgrade, the home hasn’t budged since then, even after a 2015 discount that brought the price down to $49.9 million.
Judging from the listing photos, the price is the only thing that’s changed in the four-bedroom penthouse, and prospective buyers still have the option to buy the home already decked out in those fancy furnishings from Candy’s namesake firm. Only time will tell if the latest discount helps snag a buyer—or if further price chops are on the horizon.
- UK developer chops $20M off Plaza penthouse [Luxury Listings NYC]
- Controversial Plaza 'Attic' Back on the Market for $59 Million [Curbed]
- Russian Buyer Sues Plaza Over $53.5M Penthouse Mega Deal [Curbed]
- London Developer Pays $25.4 Million for Plaza 'Attic' [Curbed]
- Listing: 1 Central Park South, PH 2009 [Sotheby’s International Realty]