The Stunning Apartment No One Wants

It’s normally not too difficult to sell a luxury apartment in New York.  According to a recent report by Douglas Elliman, luxury properties in Manhattan average only 90 days on the market. This makes a mystery out of the gem of a penthouse on the 51^st and 52^nd floors of One Beacon Court that has been on the market for more than a year now. The apartment’s owner, Stephen Cohen, the ill-famed hedge fund manager, is rumored to be downright confused and irritated.

To be sure, there is nothing wrong with the property itself. The 9,000 square foot penthouse is the building’s only duplex and the quintessential picture of luxurious Manhattan living. It features near wall to wall, floor to ceiling windows on both floors, which are great for enjoying the western view over Central Park. According to the floor plan, the 51^st floor includes multiple galleries, a dining room, library, study, and a spectacular double height living room that extends through the upper floor creating a 24 foot ceiling.

Source: Sotheby’s International Realty

The bottom floor also houses a breakfast room. Note that this is not a breakfast “nook,” but a full scale room for dining on caviar omelets and kopi luwak coffee in the morning. Of course, breakfast will be served by the house staff residing in the two 51^st floor staff rooms, which at 240 square feet are nearly the same size as some micro apartments.

Source: Sotheby’s International Realty

The realtors may have run out of names for rooms by the time that they got to the second floor where there is a sizeable “den” and “sitting room” (the media room is on the first floor). There are also four spacious bedrooms and the master suite, which includes not one, but two full size marble clad master bathrooms. Forget the his and her sinks.

Gwathmey Siegel, which ranks among the top 10 residential designers in the country according to Interior Design magazine, was responsible for the apartment’s interior design which boasts Venetian plaster walls, maple floors, Anigre wood, and a wealth of stainless steel features.

Source: Sotheby’s International Realty

The building, which was designed by Pelli Clarke Pelli Architects and constructed in 2005, is known as one of Manhattan’s most luxurious condo residences. In addition to Cohen, the building is home to a number of famous residents including Jack Welch and Beyonce, who rubbed her neighbors the wrong way.

Cohen is reportedly “freaking out” that the property hasn’t sold yet. It was originally listed for $115 million in April 2013. The price was later dropped to $98 million before hitting its current low of $82 million.

Cohen recently made efforts to restage the apartment. Updated listing photographs show that Cohen has removed some of his notoriously freaky art collection, which includes Damien Hirst’s infamous formaldehyde soaked shark carcass. Nonetheless, the apartment is still without a buyer.

It’s not clear whether the price is too high or people are put off by living in a place that a man accused of serious insider trading crimes once called home. The only way to find out is by cutting the price even more. Something tells us that Cohen can afford to spare a couple million in order to close a sale.