The fact that the price of New York real estate is swiftly, dramatically, hilariously coming down isn't quite news. After all, Kathy Sloane's now-famous pronouncement that "Manhattan's finest co-op apartments... may have already lost a fourth of their value" was aired all the way back in September, and since then we've seen Lenny Kravitz, Julian Schnabel, Brooke Astor's estate, Warhol pal Jane Holzer, Remington razor heir Victor “Tory” Kiam III, department store mogul Tim Grumbacher, and ex-Bear Stearns bigwig Bruce Lisman all make serious price cuts.
But that downfall really hits home when something happens at the limestone-clad, marble-coated, walnut-paneled 740 Park Avenue, a building with its own bible-sized biography, and where a widow is currently asking "over $60 million" for her duplex. According to a source at Sotheby's, the 15-room, four-bedroom, fourth-floor duplex that belonged to the late June and Randolph L. Speight is about to be price-chopped from $35 million to $26 million. read more »