Wednesday, January 5, 2011

Glorious History Can't Stop Apartment From Losing $5M in 2 Months


998fifth6
998fifth4A century ago, the 12-story limestone palace 
at 998 Fifth Avenue was the first building 
to make apartment living less of a shameful 
affair for the fanciest families. But now it's 
dealing with some shame of its own: 
the building's 5,000-square-foot maisonette 
hasn't been able to sell, forcing it to 
PriceChop by $5 million in only two months 
on the market. The apartment, which also boasts a private 
999 Fifth Avenue address and some fresh listing pics, was 
asking $24 million in November, for its original sconces, 
wood paneling, and restored Tennessee marble floors. If there's 
any apartment out there with a shot at getting its $24M ask, we'd 
have put our money on this one. But after one chop to $21.5 million 
and a second cut yesterday, the ask is now a mere $19 million
We don't think this means the board will be letting the riffraff in, 
though.
998fifthfloorplan_1_11.jpg

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