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Schadenfreude Watch: White Elephants

Think you have problems selling your apartment? Check out the burdensome beasts the rich are stuck with.

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Address: 817 Fifth Avenue
Owner: Richard Gere
Was asking:$12.5 million
Is asking: $9.9 million
Time on market: Two years
Broker: Jim Rosenthal, Douglas Elliman
Sources say: Steve Wynn wants $15 million for his place upstairs, which isn’t selling either. “A similar apartment in the building just sold for $9.5 million, so maybe [Gere’s] asking too much,” says a broker.

Address: 115 Central Park West
Owner: Hotelier Ian Schrager
Was asking: $22 million
Is asking: $15.9 million
Time on market: One year
Broker: Roger Erickson, William B. May
Sources say: “It needs someone who appreciates its uniqueness,” Erickson says of the Philippe Starck design. Another broker says the asking price “isn’t far off” but could be knocked down to $13.9 million. Schrager almost had a deal in January for close to the asking price, but the buyer backed out.

Address: 3 Lincoln Center
Owner: Estate of restaurateur Warner LeRoy
Was asking:$24 million
Is asking: $12.1 million
Time on market: 11⁄2 years
Broker: Wolf Jakubowski, Brown Harris Stevens
Sources say: The condo, with great views and a private screening room, is worth “probably $8 million,” says a broker. And “it has to be broken up and gutted. It’s unsellable, and the maintenance is tremendous.”

Address: Trump International Hotel and Tower, 1 Central Park West
Owner: Johnson & Johnson heiress Libbet Johnson
Was asking:$62 million
Is asking: $57.8 million
Time on market: 21⁄2 years
Broker: Carrie Chiang, Corcoran
Sources say: “Those should have sold,” says one broker, noting that the 19,843-square-foot penthouse (now broken into four units) is now finished, as opposed to the condition it was in when it hit the market. “If they’re asking under $3,000 per square foot, the price is probably right.”

Address: 1030 Fifth Avenue
Owners: Mike Nichols and Diane Sawyer
Was asking:$12.5 million
Is asking: $11.9 million
Time on market: Five months
Broker: Edward Lee Cave
Sources say: “It’s beautifully done,” says a broker. “Probably worth about $9 million.”

Address: 30 Crosby Street
Owner: Lenny Kravitz
Was asking:$17 million
Is asking: $14.9 million
Time on market: Nine months
Broker: Andrea Lucas, Douglas Elliman
Sources say: The 6,000-square-foot penthouse is “worth $9 million at the most!” says a broker. It features a rock-star-friendly Benjamin Noriega-Ortiz–designed communal shower in the hallway of the second floor and a urinal in the master bath.


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