REAL ESTATE

1 Sutton Place South Penthouse Returns to Market With $7.5M Cut

Richard C. Perry with 1 Sutton Place South (Tal, Wikipedia)

Former hedge fund manager Richard Perry is on his second try to sell his penthouse at 1 Sutton Place South.

The apartment, which was previously listed for $45 million through Sotheby’s International Realty, hit the market again today for $37.5 million with Official’s Tal Alexander .

The unit was de-listed about six months ago. Its price was lowered to fit in “where the environment is today,” Alexander said.

The five-bedroom apartment has 6.5 bathrooms and a 7,400-square-foot wraparound terrace, according to a Streeteasy listing. It offers 360-degree views of the East River, Brooklyn and Midtown East. The home was designed by Rosario Candela and the powder room was designed by artist Leo Villareal.

The apartment, which Alexander said spans an entire city block, is divided into two wings — the northern one for daily living and the southern one for entertaining guests — with the kitchen in the middle.

The former financier and his wife Lisa bought the apartment in 2000 for $10.9 million. The home’s previous owners include the late philanthropist Janet Annenberg Hooker and socialite C.Z. Guest.

Perry became a star in financial circles after founding the hedge fund Perry Capital in 1988, becoming a billionaire in the process, according to the Wall Street Journal.

He acquired a controlling interest in the Barney’s department store company in 2012. Perry came on as chairman of the board seven years before the company filed for Chapter 11 bankruptcy and the Journal reported his missteps were widely blamed for contributing to its demise. Perry shuttered the eponymous fund in 2016 after a series of losses and is no longer on Forbes’ list of billionaires.

The penthouse’s return to the market comes on the heels of Manhattan’s luxury market’s worst week in 18 months. The Olshan Report tracking signed contracts at $4 million or more showed only 12 contracts were signed between June 13 and 17, the lowest number since the week of Dec. 28, 2020, and homes received an average discount of 6 percent.

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