There are many different ways to measure just how humiliating Steve Cohen’s effort(s) to sell his East Midtown penthouse has been. There’s time (five years, nine months and counting). There’s number of times taken off the market in a failed game of hard-to-get (at least two). There’s the number of times he’s cut the price (almost toomanytocount, but at least seven). There’s number of brokers who’ve tried and failed to essentially give the fucking place away (at least six, one of whom is now on his second go-round). And finally, there’s the unseemly bottom line, which makes Point72’s rather “meh” year look like a towering triumph.
A new listing for the apartment appeared today, with Douglas Elliman’s Richard Steinberg, and it has the lowest asking price yet: Now, the penthouse is going for $45 million. (With a $70 million discount, we’re pretty sure that vaults it to the No. 1 spot in the Pricechopper Hall of Fame.)
The backstory: Cohen first listed the place for $115 million in 2013—right before the nine-digit boom in high-end real estate began in earnest—and has slowly but surely knocked a bit off the price every year or so. It dropped to $98 million at the end of 2013; $82 millionone year after that; and so on, and so on. Most recently, in the fall of 2017, it was asking $57.5 million.
Next up, he just burns the place down for the insurance money.
Billionaire’s modernist One Beacon Court Penthouse returns with $70M discount [Curbed New York]
Hedge Fund King Steven Cohen Lists Manhattan Penthouse—at a $70M Discount [Mansion Global]
The story behind the biggest price chop in NYC history [The Real Deal]