Italian Designer Teresa Sapey’s Plaza Condo Gets Fourth Price Cut

The Spain-based Italian architect Teresa Sapey has had more success suspending 100 paper lanterns over European streets than selling her Plaza condo. In July 2007, she spent $6.9 million on a five-room, two-bedroom, 2,339-square-foot apartment in the new hotel-condo, but by the end of the year, according to The Times, it was back on the market for $10 million.

The Wall Street Journal reported two months later that the price was coming down to $9.8 million; later in the year, according to the Web site StreetEasy, the tag fell to $8.75 million; by April the price was down to $8.5 million.

This week, the listing with Sotheby’s was cut to $7.5 million. “She’s not using the apartment,” listing broker Eric Roche said. “Holding empty properties is just not her business.”

Despite the condo’s herringbone wood floors, marble mantel, bidet, and soaking tub, the new discount is probably not low enough to make a deal happen. After all, last month Julian Schnabel cut the price of the top two apartments at Palazzo Chupi to $38 million, down from an original $59 million tag, to no avail.

So will there be another chop? “$7.5 million is literally her bottom line. It’s what her advisers in Europe have asked her to list it at,” Mr. Roche said. But doesn’t the price need to be lower to sell in such a sleepy, morose market? “Not low enough? When you include holding it for two years”–the monthly $2,170 tax and $2,390 maintenance fee add up to a $54,720 yearly sum–“she’s losing quite a bit of money.”

Ms. Sapey has not bought another apartment in the building, as that 2007 Times article reported she might. “She’s not using one apartment,” Mr. Roche said. “Why would she buy another?”

mabelson@observer.com

Italian Designer Teresa Sapey’s Plaza Condo Gets Fourth Price Cut