Penthouse in NYC’s Pierre Hotel Finally Sells for a Major Discounted $44M

The Pierre Hotel rises over central park in New York City. (Photo Credit: Wikipedia)

The penthouse that occupies the top three floors in the infamous Pierre Hotel has finally sold, but far below the record-setting asking price the owners, financial analyst Martin Zweig and wife Barbara Zweig, had initially desired.

Public records show that the 16-room penthouse sold for a mere $44 million, which was 65 percent less than its initial asking price when it hit the market in 2013 of $125 million.

When the $125 million price tag failed to spark the interest of any buyers, Barbara took $30 million off the price, even though the apartment’s living room, the original ballroom of the Pierre Hotel, was declared by brokers to be the “most magnificent privately-owned room in the world.”

Another discount came in early 2015, which brought the asking price down to $63, nearly half of its original price. When this too failed, the penthouse was taken off the market in the fall of 2015. Then, last October, it made a comeback to the market with a modern redesign and a more modest asking price of $57 million.

The properties buyer, which was at first a mystery, was revealed by the New York Post to be Cantor Fitzgerald CEO Howard Lutnick. He and his wife Allison purchased 12,000-square foot triplex at 795 Fifth Avenue from Barbara, who first listed the property after her husband Martin died in 2013. Martin purchased the home in 1999 for $21.5 million. Barbara still lives in the same building on the 24th floor in an apartment worth $12 million.

According to StreetEasy, the co-op has a maintenance fee of $51,840 every month. The 16-room, three floor unit features a private interior elevator, four terraces and the services of two designated staffers.

By Mark Snyder

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