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St. Regis penthouse on the 75th floor is back on the market at a significantly reduced price, indicating that its sellers are likely to take a loss. The condo was previously sold in September 2021 for just under $8.5 million and has been relisted this week at around $8 million, according to public listing information. This represents a cut of nearly $500,000 from the original sale price.

    The property's new list price gives it a value of approximately $1,400 per square foot, with the roughly 5,700-square-foot home featuring four bedrooms and five bathrooms. The condo was previously listed in the spring of 2022 at an asking price of $9.35 million before being reduced to just under $9 million.

    The sellers' decision to relist the property comes as buyers are slowly returning to the market, but downtown property values remain lower than they were pre-pandemic. Another St. Regis penthouse sold in April for $7 million, resulting in a loss of over $1 million for its owners.