Penthouse in NYC’s Pierre Hotel Finally Sells for a Major Discounted $44M
The penthouse that occupies the top three floors in the infamous Pierre Hotel has finally sold, but far below the record-setting asking price the owners, financial analyst Martin Zweig and wife Barbara Zweig, had initially desired.
Public records show that the 16-room penthouse sold for a mere $44 million, which was 65 percent less than its initial asking price when it hit the market in 2013 of $125 million.
When the $125 million price tag failed to spark the interest of any buyers, Barbara took $30 million off the price, even though the apartment’s living room, the original ballroom of the Pierre Hotel, was declared by brokers to be the “most magnificent privatelyroom in the world.”
Another discount came in early 2015, which brought the asking price down to $63, nearly half of its original price. When this too failed, the penthouse was taken off the market in the fall of 2015. Then, last October, it made a comeback to the market with a modern redesign and a more modest asking price of $57 million.
The properties buyer, which was at first a mystery, was revealed by the New York Post to be Cantor Fitzgerald CEO Howard Lutnick. He and his wife Allison purchased 12,000-square foot triplex at 795 Fifth Avenue from Barbara, who first listed the property after her husband Martin died in 2013. Martin purchased the home in 1999 for $21.5 million. Barbara still lives in the same building on the 24th floor in an apartment worth $12 million.
According to StreetEasy, the co-op has a maintenance fee of $51,840 every month. The 16room, three floor unit features a private interior elevator, four terraces and the services of two designated staffers.
Financial analyst Martin Zweig purchased the Pierre Hotel’s penthouse in 1999 for $21.5 million, after he died in 2013, his wife Barbara put the co-op on the market.
The Pierre Hotel rises over central park in New York City. (Photo Credit: Wikipedia)