A penthouse, a price cut, and a whopping dose of market humility
Up, Down, or Sideways?
Next in Up, Down, or Sideways?: 50 Clinton Street #PHA—a boutique penthouse with polish, pedigree…and a recent price cut
Perched atop a 7-story, 37-unit condo designed by Issac + Stern (with interiors by Paris Forino), this penthouse offers downtown elegance in a compact package. (Oh, “compact,” that means “small,” right? Yup.)
But, also: Luxe finishes, keyed elevator entry, and a roof terrace just an elevator ride away .
This building is boutique, but has some big-condo perks:
24-hour doorman
Gym
Bike storage
Rooftop terrace
Plus, it’s just 2 blocks from Trader Joe’s and Target, Essex Market, and the 14-screen theater at Regal Essex Crossing.
Zooming in on the penthouse:
List price: $2,995,000
2 beds | 2 baths | 5 rooms
1,200 sf | $2,495 per sq ft
Price change: Down $300K (–9.1%) on 9/28/25
Days on market: 8
Here’s what the abridged listing history shows:
2025: listed at $3.295M → dropped to $2.995M in one day
2019: sold for $2.25M
Pre-2019: listed as high as $3.5M back in 2016-2017 before a series of cuts
Market math:
Compared to its 2016 list price of $3.5M: now down 14.4%
Compared to its last recorded sale in 2019 for $2.25M: the current ask of $2.995M reflects a +33.1% nominal gain
But adjust for inflation, and that $2.25M in 2019 = ~$2.8M today—so the real appreciation is closer to +7% over six years. Respectable, but not runaway . Not to mention that the current pricing has already adjusted, re: down $300k, meaning it’s unlikely to achieve its initial list price in 2016 and may fall more than $500k short!
Takeaway
This one looks like a quick discount—but zoom out and you’ll see it’s a comeback attempt from years of overpricing. The rapid cut suggests a seller ready to meet the market, especially before it starts to rack up days on the market .
If you’re chasing sleek finishes, low-density living, and a LES location with proximity to the more big box appeal, i.e., Trader Joe’s, Target, and the movie theater , #PHA might be a fit.
But don’t mistake the boutique lifestyle for an investment rocket ship. At nearly $2,500/sq ft, you’re paying for taste—and patience may still be rewarded if the listing lingers .
