(Bloomberg) -- One of President Donald Trump’s Park Avenue penthouses is on the market for $28.5 million, almost a third less than it was listed for five years ago.
The apartment, more than 7,000 square feet (650 square meters) spanning the 21st floor of 502 Park Ave., or Trump Park Avenue, has seven bedrooms and eight full bathrooms, according to a revised listing Wednesday on property website StreetEasy. It was listed for $40 million in 2013 before being pulled off the market, the site shows.
Sellers are whacking prices to chase dwindling demand in an overcrowded Manhattan luxury market. A 1,549-square-foot apartment on the tower’s 12th floor sold for $3.6 million last month, city records show, a drop of some 28 percent from its $5 million listing price in April 2017.
Faisal bin Abdul Majeed al-Saud, a Saudi prince, rented the 21st-floor penthouse for several years before moving out, violating his lease and costing the owner almost $4 million in unpaid rent and repair expenses, according to a lawsuit Trump Park Avenue filed in February. The prince is contesting the suit.
Trump owns the unit through limited-liability companies in turn owned by the Donald J. Trump Revocable Trust. Two LLCs -- Trump Delmonico and Trump Park Avenue Acquisition -- together hold a 99.9 percent stake in the apartment’s listed owner, Trump Park Avenue LLC. Trump received $15.9 million in revenue last year from condo sales in the Park Avenue building, according to his most recent financial-disclosure filing.
Amanda Miller, a Trump Organization spokeswoman, had no immediate comment.
©2018 Bloomberg L.P.