Back in the go-go days, that giggly era when townhouses were selling for 11 times what their owners had once paid, the notion that gargantuan profits weren’t preordained would’ve sounded laughable.
But this January, two units at the Plaza came on the market for less than what they’d reportedly sold for a year earlier. Uptown brokers sighed, scowled, crossed their fingers and hoped that such a cataclysm would be limited to that pesky hotel-condo.
It wasn’t. This week, at the completely respectable 101 Central Park West co-op, just below the godly twin-towered Majestic, the former CEO of the enormous private-equity firm General Atlantic lowered the price of his nine-room sprawl to $10.75 million, shy of the $11 million he paid in November 2006.
Edwin C. Cohen, the son of Nixon Treasury official Edwin S. Cohen, wanted $15 million for the place when it hit the market last February. By the end of that month his price was down to $14 million; and two months later there was a cut to $12.5 million.
Listing broker MacRae Parker said this week that his client had chosen the apartment without consulting his wife. “He bought it without asking, because he thought, the way husbands do, it would be a nice surprise,” he said. “I’ve had men do that before, and I’ve had wives do that. And I say, ‘Never again.’”
Mr. Cohen and his broker have not talked about the fact that the new tag is below what the apartment cost. “I’ve never discussed it with him. Many people are doing it today,” Mr. Parker said. “That’s a sign of the times.”
A unit one floor down, owned by a businessman named Timothy Dalton (sadly, not the actor who played James Bond in License to Kill and The Living Daylights), is on the market with Anne Snee for $12.5 million, and also listed with Mr. Cohen’s co-op as a would-be duplex for $23.25 million.
“That apartment above me,” Ms. Snee said this week, while waiting to get an X-ray for her tennis elbow, “needs absolutely everything. Everything you can think of needing, it needs. And mine is move-in condition.”
Mr. Parker said new windows have been paid for, just not installed.