Pent­house in NYC’s Pierre Ho­tel Fi­nally Sells for a Ma­jor Dis­counted $44M

The Jewish Voice - - NEW YORK - By Mark Sny­der

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)

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