After four years on the market, $125M Pierre penthouse sells for a paltry $44M

The 16 room triplex that takes up the 41st, 42nd and 43rd floors of the legendary Pierre Hotel has finally sold for $44 million, a huge drop from its original $125 million asking price. Located at 795 Fifth Avenue, the penthouse was owned by Barbara Zweig, the widow of financier Martin Zweig, who first listed the property in 2013 after her husband’s death. According to The Real Deal, the pad features a library, four terraces, private elevator and costs $51,840 per month to maintain.

Martin Zweig first purchased the penthouse in 1999 for $21.5 million, a record at the time. Then in 2004, Zweig listed the property for $70 million, but ended up pulling it from the market After his death, his wife moved into a $12 million apartment on the building’s 24th floor. After failing to sell the property in 2015 for $63 million, the owner decided to renovate the pad to make it more modern. Public records show the buyer, only listed as 795 Properties, LLC bought the penthouse for $44 million, less than the $57 million asking price, and $81 million less than the original asking price in 2013.

The three-floored penthouse includes five bedrooms, seven bathrooms and a living room with super tall ceilings, the same room that once held the hotel’s ballroom. A private elevator reaches each level.

The property, built in 1929, has four terraces, one on each of the building’s four corners. As the tallest pre-war building in Manhattan, the penthouse boasts 360-degree views of Central Park. Residents of the penthouse can enjoy the amenities provided by the hotel. This includes concierge service, attended elevators, a business center, a gym and valet parking.

[Listing: 795 Fifth Avenue by Mary K. Rutherford and Leslie R. Coleman for Brown Harris Stevens]

[Via TRD]

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