From November 5-11, 2024, over 250 condos, co-ops, condops, and townhouses in core areas of New York City experienced price reductions. These included the eighteenth-floor simplex at The Sherry Netherland, which attracted notoriety after a two-alarm fire in March 2023. The fire broke out hours after the apartment's owner, Chinese financier Guo Wengui, was arrested on charges of wire fraud, securities fraud, bank fraud, and money laundering; some speculated that it was started remotely (h/t New York Post).
Mr. Guo was convicted on nine of 12 counts in July 2024, and his sentencing is set for later this month. In the meantime, the apartment's listing notes that "an extensive amount of architectural planning as well as demolition has been done in recent months," presumably to repair damage from the fire. However, the well-proportioned rooms, three large terraces, and spectacular views of Central Park and the Manhattan skyline remain intact.
The fire is largely blamed for the apartment's drop in price. Mr. Guo initially sought to sell the apartment for $55 million in March 2020, five years after an LLC linked to him bought it for $67.5 million, and it has been on and off the market at gradually lower price points ever since. The most recent price reduction brings it down to $19,500,000.
Mr. Guo was convicted on nine of 12 counts in July 2024, and his sentencing is set for later this month. In the meantime, the apartment's listing notes that "an extensive amount of architectural planning as well as demolition has been done in recent months," presumably to repair damage from the fire. However, the well-proportioned rooms, three large terraces, and spectacular views of Central Park and the Manhattan skyline remain intact.
The fire is largely blamed for the apartment's drop in price. Mr. Guo initially sought to sell the apartment for $55 million in March 2020, five years after an LLC linked to him bought it for $67.5 million, and it has been on and off the market at gradually lower price points ever since. The most recent price reduction brings it down to $19,500,000.
In this article:
The Parkville Avenue Condominiums, 215 Parkville Avenue
Flatbush
The Osborne, 205 West 57th Street
Midtown West
The Peter Warren Cooperative, 45 West 10th Street
Greenwich Village
Rockefeller Apartments, 17 West 54th Street
Midtown West
The Sherry Netherland, 781 Fifth Avenue
Park/Fifth Ave. to 79th St.
Further downtown, prices were reduced on four listings at The Broad Exchange Building. After the Clinton & Russell-designed building was constructed in the early 20th century, 25 Broad Street was the city's highest-valued office building owing to its close proximity to the New York Stock Exchange. Over 100 years later, the Italian Renaissance Revival-style facade and double-height lobby were carefully preserved as the interiors were converted to one- and two-bedroom condos with open layouts, high-end appliances, and access to over 8,000 square feet of indoor and outdoor amenities. But the Financial District's evolution into a live-work-play neighborhood has made for an increasingly crowded residential market that includes other office conversions as well as new construction condos.
A selection of notable listings, as well as a full chart of last week's price cuts, may be found below. Please be advised that all quoted figures reflect cumulative price cuts as opposed to the most recent reductions.
-10% | -$3,995,000
18 Gramercy Park South, #PENTHOUSE
$36,000,000
Gramercy Park | Condominium | 5 Bedrooms, 5.5 Baths | 6,329 ft2
18 Gramercy Park South, #PENTHOUSE (Douglas Elliman Real Estate)
-18.8% | -$4,500,000
The Sherry Netherland, #18thFloor
$19,500,000
Park/Fifth Ave. to 79th St. | Cooperative | 6+ Bedrooms, 6+ Baths
The Sherry Netherland, #18thFloor (Sothebys International Realty)
-25% | -$4,995,000
150 West 15th Street, #TH
$15,000,000
Chelsea | Townhouse | 6+ Bedrooms, 6+ Baths | 10,597 ft2
150 West 15th Street, # (Compass)
-16.2% | -$1,500,000
The Century, #7Q
$7,750,000
Central Park West | Condominium | 3 Bedrooms, 2 Baths | 2,221 ft2
The Century, #7Q (Corcoran Group)
-10% | -$50,000
One Brooklyn Bridge Park, #202
$4,499,999
Brooklyn Heights | Condominium | 4 Bedrooms, 3 Baths | 2,456 ft2
One Brooklyn Bridge Park, #202 (Sothebys International Realty)
-19.2% | -$950,000
The Cass Gilbert, #PHA
$4,000,000
Chelsea | Condominium | 3 Bedrooms, 3.5 Baths | 2,988 ft2
The Cass Gilbert, #PHA (Coldwell Banker Warburg)
-14.3% | -$600,000
24 Gramercy Park South, #1/2E
$3,600,000
Gramercy Park | Cooperative | 3 Bedrooms, 3 Baths
24 Gramercy Park South, #1/2E (Compass)
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-20.6% | -$905,000
240 Park Avenue South, #14B
$3,495,000
Flatiron/Union Square | Condominium | 3 Bedrooms, 3.5 Baths | 2,139 ft2
240 Park Avenue South, #14B (Douglas Elliman Real Estate)
-10.2% | -$306,990
130 William, #35E
$3,165,000
Financial District | Condominium | 3 Bedrooms, 3 Baths | 1,852 ft2
130 William, #35E (Corcoran Sunshine Marketing Group)
-14.1% | -$450,000
The Cammeyer, #3H
$2,750,000
Chelsea | Condominium | 2 Bedrooms, 2 Baths | 1,717 ft2
The Cammeyer, #3H (Elegran LLC)
-26.1% | -$1,060,000
77 Greenwich Street, #23A
$2,995,000
Financial District | Condominium | 3 Bedrooms, 2.5 Baths | 1,721 ft2
77 Greenwich Street, #23A (Christies International Real Estate Group LLC)
-5.3% | -$110,000
The Broad Exchange Building, #20I
$1,975,000
Financial District | Condominium | 2 Bedrooms, 2 Baths | 1,532 ft2
The Broad Exchange Building, #20I (Christies International Real Estate Group LLC)
-6.8% | -$1,985,000
The Butler Collection, #9A
$1,850,000
Park Slope | Condominium | 2 Bedrooms, 2 Baths | 1,201 ft2
The Butler Collection, #9A (Douglas Elliman Real Estate)
-17.8% | -$400,000
The Grand Beekman, #15C
$1,850,000
Beekman/Sutton Place | Condominium | 2 Bedrooms, 2 Baths | 1,300 ft2
The Grand Beekman, #15C (Corcoran Group)
-29.4% | -$705,000
The Boulevard, #706
$1,695,000
Riverside Dr./West End Ave. | Condop | 2 Bedrooms, 2 Baths
The Boulevard, #706 (Corcoran Group)
-9.4% | -$155,000
4 West 16th Street, #4A
$1,495,000
Flatiron/Union Square | Cooperative | 1 Bedroom, 2 Baths | 1,240 ft2
4 West 16th Street, #4A (Douglas Elliman Real Estate)
-12.3% | -$196,000
80 Central Park West, #12C
$1,399,000
Central Park West | Cooperative | 1 Bedroom, 1.5 Baths
80 Central Park West, #12C (Compass)
-24.3% | -$425,000
1st & First, #2S
$1,325,000
East Village | Condominium | 2 Bedrooms, 1 Bath | 1,027 ft2
1st & First, #2S (Sothebys International Realty)
-7.1% | -$76,000
Rockefeller Apartments, #10A
$999,000
Midtown West | Cooperative | 1 Bedroom, 1 Bath | 980 ft2
Rockefeller Apartments, #10A (Compass)
-14.8% | -$155,000
The Peter Warren Cooperative, #LH
$895,000
Greenwich Village | Cooperative | 1 Bedroom, 1 Bath
The Peter Warren Cooperative, #LH (The Agency Brokerage)
The Osborne, #6DE (Sothebys International Realty)
-11.3% | -$76,000
The Parkville Avenue Condominiums, #6B
$599,000
Flatbush | Condominium | 2 Bedrooms, 2 Baths | 850 ft2
The Parkville Avenue Condominiums, #6B (Serhant)
56 West 82nd Street, #13 (Compass)
Would you like to tour any of these properties?
Just complete the info below.
Or call us at (212) 755-5544
Would you like to tour any of these properties?