Socialite Susan Gutfreund, the widow of “King of Wall Street” financier John Gutfreund, still can’t find a buyer for her swanky apartment at 834 Fifth Ave. — even after slashing its price to $96 million.
When it hit the market in April 2016 asking $120 million, it was the most expensive home for sale in New York City. It remains the priciest home on the market, as per StreetEasy. “The price was a bit of a turn-off,” a top broker tells Gimme Shelter.
“People were taken aback. It was absurd and even offensive. It didn’t strike the right note. It was not a good strategy.”
Even now, after hacking $24 million off the original ask, the property between 64th and 65th streets still has an “absurd” price, brokers say, for a “perfectly nice” apartment on a low floor that doesn’t have a “wow” factor.
The home is very dated, “dark, heavy, Frenchy,” and hasn’t been renovated since the 1980s. Even then, one change involved adding a bigger marble staircase that takes up unnecessary space.
In addition, the 12,000-square-foot home was configured for a family with one child; to accommodate a larger family, it would need to be reconfigured.
“The home is very formal, traditional and European. It makes no sense for how people live today.
“It needs as much of a gut renovation as you could possibly do,” the broker says. “It’s perfectly nice for a tea party but it is way too dated.”
Over-the-top features include 24-foot-high ceilings, a 50-foot-long living room with two fireplaces and a library lined with “magnificent 17th-century leather walls,” according to the listing, which also notes that the “owner’s private quarters” include a 1,600-square-foot master bedroom suite with an accompanying sitting room and fireplace. There’s also a large butler’s pantry, which comes felt-lined to store silver, along with a wine cellar, staff rooms, a servants’ hall and an extra room that was originally for the chauffeur.
The limestone building was built by Rosario Candela in the 1930s. We hear folks are waiting for further price cuts before making offers. “It’s a nice apartment if priced appropriately, with nice views but not killer views” of Central Park, our spy says.
John Gutfreund, who passed away last year at age 86, was forced to resign as CEO of Salomon Brothers in 1991, amid a scandal involving illegal bids for US Treasury bonds.
The listing brokers are Brown Harris Stevens’ Richard Ziegelasch and John Burger, and Craig Dix and A. Laurance Kaiser IV of Key-Ventures.
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