The Most Overpriced Apartment In New York City

A Manhattan apartment — dubbed the most overpriced apartment in New York City — has been on and off the market for over 7 years, without ever securing a buyer. The 8-bedroom penthouse of Olympic Tower in Midtown Manhattan is on the market with a $35 million listing price. First bought by Maurizio Gucci of the famous Italian fashion brand in the 1970s, the 9,450-square-foot space is the result of Gucci combining two units into one. The spacious Fifth Avenue apartment, now owned by Gucci’s daughters, Alessandra and Allegra, could remain in the family for some time to come, since at least 5 brokerage firms have failed to sell it in the last 8 years. The luxury penthouse first hit the market in 2015 with an eye-watering $45 million listing price. It was soon reduced to $38 million, and then reduced again to $35 million in 2016. Brokers say the problem is that the penthouse is overpriced. The apartment features a luxury walk-in closet, a library with a skylight, wood-burning fireplaces, 2 interior elevators, and floor-to-ceiling windows in nearly every room. The 8 bedrooms are all located on the 50th floor, while the 51st floor includes the living and dining rooms, an entertaining room, a staff kitchen, and an eat-in kitchen. Despite all the amenities, brokers say if the Guccis leave the price at $35 million, it's unlikely it will ever sell.