Fashion investor Lawrence Stroll must really want to sell his opulent penthouse that takes up the whole of the 85th floor of Manhattan’s exclusive One57 tower.
The Canadian billionaire, known for being one of the forces behind Michael Kors’ 2011 IPO as well as for his penchant for Ferraris, just wiped $11 million off the asking price, pushing it down from $70 million to $59 million.
This means he’s unlikely to turn much of a profit as he paid $55 million for the 6,240-square-foot apartment in 2014, before carrying out a no doubt costly renovation.
Nevertheless, the results of that full renovation are pretty breathtaking, with an entrance hall upholstered in woven suede, a double-sided fireplace and a three-tone sculpted ceramic wall by the artist Peter Lane in the main living area.
As for the sleeping quarters, the master suite comes with no less than four rooms including two dressing rooms and an en suite bathroom, while there are two additional bedrooms with en suite bathrooms and custom closets.
The views aren’t bad either, with 360-degree vistas of the entire Manhattan skyline, Central Park, the East and Hudson Rivers, Statue of Liberty and beyond.
When One57 first opened its doors in 2014 on West 57th Street, it set a new bar for luxury living and also marked the beginning of a stream of buildings trying to outdo each other with over-the-top amenities on the same street that was soon dubbed Billionaire’s Row.
Just a few years later, some of the shine has come off the building, plagued by two foreclosures and a couple of unprofitable resales on the back of a wider struggling luxury market against an uncertain economic and political backdrop.
The listing agent for Stroll’s penthouse is Nikki Field of Sotheby’s International Realty.