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repeat buyer has closed on a second apartment in the Michael Shvo-developed Mandarin Oriental residences, purchasing a 3,374-square-foot condo for $17 million - a significant discount from its previous asking price of $22 million. The sale represents a special deal for the return client, according to Douglas Elliman's Jade Chan, who leads sales at 685 Fifth Avenue. "It's not about slashing prices," Chan said, "but rather offering a good value to our loyal clients." Even with this sale, the building still has 50 unsold units out of its total 65.

    Construction on the building was completed over the summer, and Chan believes that showcasing its hotel-style service and amenities will be a major draw for potential buyers. The units come fully furnished and residents have access to an exclusive restaurant run by celebrity chef Daniel Boulud. In recent weeks, Chan has put two more units into contract, with the added benefit of being able to sign, close, and move in on the same day.

    Not all Mandarin Oriental clients are expanding their presence at the Midtown condo building, however. Last year, residents John and Diane Goodman sued Shvo and BSD, claiming construction defects. A judge recently dismissed the claims against Shvo as an individual, ruling that there was insufficient evidence to hold him personally liable. The sale of a penthouse in the building last year for $20 million, or over $6,000 per square foot, highlights the luxury nature of the residences.