Real Estate
A Manhattan Penthouse Faces Reality, Cuts Price to $62 Million
- Madison Square Park apartment listed for sale almost a year
- Ultra-luxury, new-development market slowing in Manhattan
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.