Hip-hop mogul Russell Simmons just slashed $1.8 million off the asking price of his duplex penthouse on Liberty Street. The 13-room, 7,000-square-foot apartment (which was once featured on MTV Cribs) is now available for $8.2 million, listed with Lisa Maysonet and Gary Kabol of Prudential Douglas Elliman.
Last May, the palatial downtown pad came on the market at $11 million, but the price dropped down to $10 million about a month later, as The Observer reported.
Could the drop in price be a sign of a cooling luxury market? Or, maybe the development squabbles across the street at Ground Zero have scared off high-end buyers.
Shortly before the terrorist attacks, Mr. Simmons had a signed contract with fellow music impresario, Diddy. Not surprisingly, the building sustained ample damage and the deal was broken. However, the apartment has since been completely renovated.