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Toll Brothers Finally Sells Luxury Penthouse After Years On The Market And A 50% Price Cut

1110 Park Ave. penthouse

A luxury apartment at Toll Brothers' Park Avenue condominium building has finally found a buyer. All it took was four years on the market and an epic price cut.

The 7K SF apartment at 1110 Park Ave. sold for $17.25M, The Real Deal reports, down from the $35M it was originally asking. Buyers Michael and Frida Vasinkevich closed on the unit on June 28, per the publication, citing property records. It was first listed in 2015

“We had the contract signed just in the last two weeks and closed prior to July 1 in order to avoid the increase in the mansion and transfer taxes,” Douglas Elliman broker Tamir Shemesh told TRD.

It is yet another example of the city’s ailing luxury market, which has been significantly oversupplied in recent years after vast amounts of high-end condominium development in the city.

Many sponsors have been forced to cut their prices down and offer incentives to get deals over the finish line.

What’s more, starting this month, a new “mansion tax” applies to luxury properties. Buyers of multimillion-dollar homes will be charged two one-off sums at the time of the sale. Homes worth $25M or more would have a maximum tax rate of 4.15%, while less expensive homes would come with a lower percentage.