Saturday, Nov 16, 2024

See inside the 'dated' and 'overpriced' $35 million Gucci penthouse that has been on and off the market for 8 years

The Midtown Manhattan penthouse with virtual staging.
  • A New York City condo believed to be owned by the Guccis has been looking for a buyer since 2015.
  • The 9,450-square-foot Midtown Manhattan penthouse hasn't budged from its $35 million listing price.
  • At least five brokerages have tried to offload the condo, with Serhant being the most recent.

View of the New York City Skyline
Olympic Tower, pictured just off center to the right.

An eight-bedroom penthouse perched high in Olympic Tower, a 51-story residential building in Midtown Manhattan, is looking for a buyer.


A virtually staged living space in a penthouse.
A virtually staged living room.

The tower was built in 1973. In that same decade, Maurizio Gucci, former chairman of the eponymous Italian fashion brand, bought two units and combined them.


A living room in a penthouse with views of New York City.
A virtually staged living room.

Now totaling 9,450 square feet, the spacious condo that is believed to still be owned by the Gucci family is up for grabs — and has been for eight years.


A virtually staged bedroom in a penthouse.
A virtually staged bedroom.

Most homes sitting on the market for that amount of time will adjust the price to make it more accommodating, but this condo's price tag is standing firm at $35 million.

According to the listing on Streeteasy, the condo hit the market in August 2015 at $45 million. In December of that year the price was dropped to $38 million, then $35 million the following June.


A virtually staged living space in a penthouse.
A virtually staged living room.

"It's overpriced," one broker told Curbed, saying Olympic Tower is "just a dated building."

They continued, "It's well-run, but it's dated. It's not an amenity-rich building. They have a high number of staff, so it's high-touch, but for that price, people want something newer."

The 1970s building has a gym for residents, but that doesn't come close to some of the over-the-top amenities that newer buildings offer.

Central Park Tower, completed in 2020, has a gym, both an indoor and outdoor pool, a private restaurant, and a movie theater — to name just a few of its offerings.


A virtually staged room in a penthouse.
A virtually staged living room.

The duplex has wood-burning fireplaces, two interior elevators, and floor-to-ceiling windows in nearly every room that show off panoramic views of the city.


A walk-in shower with a floor-to-ceiling window.
A windowed shower.

Even the shower has a floor-to-ceiling window.


A kitchen with floor-to-ceiling windows in a penthouse.
The kitchen.

The bedrooms are all located on the 50th floor, while the 51st floor includes living and dining rooms, an entertaining room, a staff kitchen, and an eat-in kitchen.


Sliding doors opening up to an empty penthouse library.
The skylit library on the 51st floor.

The top floor also has a library with a sky light.


A virtually staged dining space in a penthouse.
The dining room.

The penthouse was previously rented for $25,000 a month in the 1990s, according to The New York Times.


A very spacious walk-in closet with views of Manhattan.
A walk-in closet.

Its current asking price works out to $3,703 per square foot. In May of this year, a two-bedroom unit in the same building sold for $2,387 per square foot. While the units are different in size, that's just one indicator the penthouse is priced too high.


A virtually staged living space in a penthouse.
A living area.

Brokerages Brown Harris Stevens, Corcoran, Douglas Elliman, and Sotheby's International Realty have all tried their hand at selling the penthouse.

Serhant is the latest brokerage to step up to the plate and currently holds the listing.

Read the original article on Business Insider
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By: [email protected] (Jordan Pandy)
Title: See inside the 'dated' and 'overpriced' $35 million Gucci penthouse that has been on and off the market for 8 years
Sourced From: www.businessinsider.com/gucci-penthouse-new-york-city-olympic-tower-for-sale-2023-6
Published Date: Thu, 29 Jun 2023 18:06:45 +0000