In a rare sign of weakness in Manhattan's ultra-high-end real-estate market, owners have cut the price of two apartments at New York's Plaza condominium, the redesigned Plaza Hotel.
Fred Farago, the president of a fruit-flavoring company, is now asking $5.9 million for a 1,200-square-foot one-bedroom apartment there, roughly the same amount he paid for the 15th-floor unit in July and 13% lower than his original $6.8 million asking price. Meanwhile, Italian-born architect Teresa Sapey trimmed $200,000 off the initial $10 million price tag for her 13th-floor unit, bought for $6.9 million, also in July. Stribling's Plaza Resales & Rentals has both listings. The redesigned Plaza set records for Manhattan real estate. In June, developer Harry Macklowe paid nearly $60 million for an apartment there.
To be sure, Manhattan real estate remains strong. At 15 Central Park West, Evan Cole -- who co-founded ABC Carpet & Home, a well-known Manhattan furnishings retailer -- has agreed to sell his 15th-floor three-bedroom apartment there for over $9 million. He paid $4.83 million. One floor below, Michael Holtz, a travel-agency owner, recently signed an agreement to sell an identical apartment for more than his $8.5 million asking price. Both apartments measure 2,250 square feet and have partial views of Central Park. Corcoran's Jon Capobianco and Lauren Muss had both listings. Their colleague Rica Tarnoff, was a co-listing agent for Mr. Holtz's apartment.
Last month, hedge-fund executive Scott A. Bommer paid $46 million for a Fifth Avenue duplex, a record for cooperative apartments. Leighton Candler of The Corcoran Group had the listing.
