As any Times Styles section writer knows, it takes at least three to make a trend, so we guess we can officially call it now: the much-ballyhooed real estate trophy market is over-hyped.
Today, yet another ambitious trophy listing was yanked from the market, slinking away just a few weeks after taking a $10 million price cut. Leroy Schecter’s 35th-floor spread at 15 Central Park West, which made such a big show of asking $95 million when it debuted last August, is no longer for sale. And like City Spire and the Woolworth Mansion before it, the 15 CPW departure was not occasioned by a sale.
Given the massive profits that many early buyers at 15 Central Park West made flipping their units, it sometimes feels like no price is too high for an apartment in New York’s newest pre-war building.
Well, it looks like steel magnate Leroy Schecter has finally learned how much is too much: $95 million.
Mr. Schecter just cut a whopping—or, at least, it would be whopping in any other building—$10 million from the ask on his 35th-story apartment, to a still-stratospheric $85 million, which would put it below the $88 million record price that Dmitri Rybolovlev paid for Sandy Weill’s penthouse.
So many of 15 Central Park West’s residents have flipped their apartments for such massive sums that it sometimes seems like the whole building is cheating at tiddlywinks with the New York real estate market. Especially after the $88 million sale of Sandy Weill’s apartment, residents might be forgiven when they list their apartments for prices that seem somewhat deluded. Still, Leroy Schecter’s bid to make $40 million for tearing down a wall seems straight-up delusional.