Gerhard Andlinger's Time Warner Penthouse, Once $65 M., Sells for $37.5 M. in Biggest Apartment Deal Since July '08

It's been a humbling year for monstrously expensive, monumentally plush New York real estate: Not only is the most expensive townhouse ever sold in Manhattan asking a few million dollars less than it was bought for, but the price of Julian Schnabel's five-floor Palazzo Chupi penthouse has gone from $59 million to $38 million to $27.9 million.

Yet this month, according to city records filed late last week, a five-bedroom, 8,300-square-foot penthouse at the Time...

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