Steve Cohen’s NYC Condo Sells Above Asking Price After Big Cut


(Bloomberg) -- It took eight years and four brokerages to finally sell Steve Cohen’s luxury Manhattan condo. Now his apartment carries another distinction in a discount-obsessed market: It sold above the asking price.

The duplex penthouse, owned by the Point72 Asset Management founder and New York Mets owner, was marked down in February to $29.5 million -- the final whittling from a price tag that began at $115 million in 2013.

The sale price, in a deal that closed Friday, was $30.5 million, said Erin Boisson Aries, whose team at Christie’s International Real Estate took over marketing the condo in 2019. That’s a 3.4% increase over what Cohen was seeking. He paid $24 million for the apartment in 2005.

The last price cut, apparently, is what did the trick. Two potential buyers suddenly emerged -- including one who saw the unit years ago -- and bid up the price, Aries said.

“We’re still seeing very much that buyers appreciate value,” Aries said. “This is what I think generated that level of interest.”

Jonathan Gasthalter, a spokesman for Cohen, had no immediate comment.

Manhattan’s luxury market, long oversupplied with more units than takers, has been on a hot streak this year, as well-heeled buyers awaken to the idea that they can find bargains. Last week, there were 31 contracts signed in Manhattan for homes priced at $4 million or higher, according to data from brokerage Olshan Realty. It was the 18th straight week with 30 or more deals in that price range, the longest streak in data going back to 2006.

More than 90% of deals at or above $10 million in the past year traded at or below the sellers’ last asking price -- which is often reduced several times before a taker comes around, according to data from appraiser Miller Samuel.

Cohen’s apartment, on the 51st and 52nd floors of One Beacon Court, has five bedrooms, six full bathrooms and 24-foot (7.3-meter) ceilings in the living room, where the windows offer views of Central Park, according to the listing.

The property bounced around for years among brokers and brokerages, each time its asking price sliding lower by tens of millions of dollars. Christie’s initially listed it at $34 million.

“Everyone’s been surprised by the uptick in activity and it’s in large part from the right pricing,” said Adam Zucker, a managing director on Aries’ team at Christie’s. “There’s finally a meeting of the minds in the market.”