Price Chop on the St. Regis Penthouse
The penthouse at the St Regis at 188 Minna became national news when the press got a hold of the Sotheby's listing. Why? Because it was for a cool $70,000,000. Victor MacFarlane bought it for $30,000,000 as a raw shell in 2005, and it appeared on Sotheby's website with the $70,000,000 asking price and beautiful renderings of the soon-to-be interiors back in August of 2008. The penthouse isn't ready yet, but when it is it'll be 20,000+ square feet (including 2,900 square feet of terraces); six bedrooms and seven full baths (in addition to the four half baths); a home cinema; 22 foot floor-to-ceiling glass walls; and six car parking. So, what's all the new fuss about? The listing has just been slashed down to $49,000,000. That's not a typo. $21,000,000 off the original price. Signs of the times? Perhaps. Really good (and sneaky!) marketing plan? Probably.