Kushner, the company once led by President Donald Trump’s son-in-law and senior advisor Jared Kushner, is dramatically lowering the price of the last remaining apartment at its Puck Penthouses condo project in New York.
The company plans to relist the sprawling duplex that tops the building for $42.5 million, down from its original asking price of $66 million when it first listed in 2015, according to a spokeswoman for the company. The price cut is one of the most significant seen in the ultra-luxury market in recent months.
The Nolita property has been on and off the market, and has been listed with several different real estate brokerages, including Sotheby’s International Realty and the Corcoran Group. It last listed for $58.5 million in 2017. It will now be listed with Adam Modlin of agency the Modlin Group.
Karen Zabarsky, a spokeswoman for Kushner, said the property had been off the market because it was rented out for $1.25 million a year. The tenant is still in place, she said.
Despite the price cut, the property would still be among the priciest homes ever sold in downtown Manhattan if it traded for close to its asking price. The record for a downtown apartment was set last year when an Italian buyer paid about $55 million for a penthouse at 70 Vestry Street in Tribeca, The Wall Street Journal reported.
Known as Penthouse 1, the 7,241-square-foot Kushner apartment has five bedrooms and an additional 5,158 square feet of outdoor space. It has barrel vaulted ceilings, a library, a wine cellar, a home theater, several gas fireplaces and an outdoor hot tub overlooking the Empire State Building.
Ms. Zabarsky called the price cut “a response to the market,” which has been soft in New York in recent months amid an oversupply of luxury product.
Mr. Modlin noted however that several pricey penthouses have sold downtown over the past year, including a $43.5 million penthouse at 160 Leroy Street and a $43.79 million penthouse at 443 Greenwich Street.
The price cut also comes as Kushner steps back from its New York City investments in favor of projects in suburban Maryland, Virginia, New Jersey and other states. The Kushner family has owned the Puck Building for several decades, repositioning it as a high-end retail, office and condo building several years ago.
Mr. Kushner, who is married to President Trump’s daughter Ivanka Trump, stepped down as the company’s chief executive in 2017.
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