Hedge fund manager's Manhattan penthouse sells after 74% price cut

New York

HEDGE fund manager Steve Cohen found a buyer for his midtown Manhattan penthouse. It took eight years and a 74 per cent price cut.

Mr Cohen's 9,000-square-foot duplex at 151 East 58th Street is under contract in Manhattan's priciest deal last week, said a report on Monday by luxury brokerage Olshan Realty Inc.

The sale marks the end of a journey that began in 2013 when Mr Cohen, founder of Point72 Asset Management and owner of the New York Mets, listed the place for US$115 million.

The asking price was reduced several times since - most recently to US$29.5 million, showed StreetEasy.

The final sale price will not be known until the deal closes.

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A spokesman for Mr Cohen, Jonathan Gasthalter, declined to comment on the deal.

Mr Cohen paid US$24 million for the apartment in 2005.

The unit, on the 51st and 52nd floors of One Beacon Court, has five bedrooms, six full bathrooms and 24-foot (7.3-metre) ceilings in the living room, where the windows offer views of Central Park, said the listing.

The property bounced among at least four brokerages, finally landing with Christie's International Real Estate, which put it on the market in October 2019 for US$34 million.

A team led by Erin Boisson Aries had the listing.

Buyers are returning to Manhattan's luxury apartment market, seizing an opportunity for deep discounts amid a mountain of supply.

Last week alone, there were 51 contracts signed in Manhattan for homes priced at US$4 million or higher, said Olshan's report.

It was the 10th straight week with 30 or more deals in that price range - the longest streak in data going back to 2006. BLOOMBERG