A Manhattan Penthouse Faces Reality, Cuts Price to $62 Million

(Bloomberg) -- The developers of one of Manhattan's most expensive condos say they're facing reality.

Citing a slowing ultra-luxury market -- and buyer demand for bargains -- developers of a triplex penthouse near Madison Square Park have whittled 15 percent off their $73.8 million asking price, according to a statement from one of the builders, Madison Equities. The new price for the 10,079-square-foot (936-square-meter) apartment, at 212 Fifth Ave., will be $62.8 million. It's been listed for sale for nearly a year, according to StreetEasy.

“We are listening to the new market conditions and adjusting the Crown Penthouse to an attractive and value related price,” Nikki Field, the Sotheby's International Realty broker who is marketing the property, said in a statement.

Demand for new developments in Manhattan, which are overwhelmingly aimed at the well-heeled global elite, have slowed in recent years, as large and costly units proliferate on the market. Buyers are taking their time to bargain -- if they make a purchase at all. Sales of new developments in the third quarter dropped 37 percent from a year earlier to 368 deals, according to a report by brokerage Corcoran Group. It was the third consecutive decline of more than 30 percent.

See Map: New York City Home Discounts Are Everywhere

The five-bedroom Crown Penthouse, with more than 5,000-square-feet of terrace space, according to Field, presents “a rare opportunity for a discreet and sophisticated fine-home collector,” Field said in Monday's statement. The unit is accessible by private elevator, and includes a grand ballroom, a bronze staircase, and an “observatory” on the third floor, with panoramic views of the Empire State Building, Flatiron Building and One World Trade Center, according to StreetEasy.

To contact the reporter on this story: Oshrat Carmiel in New York at ocarmiel1@bloomberg.net

To contact the editors responsible for this story: Debarati Roy at droy5@bloomberg.net, Rob Urban, Christine Maurus

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