Over a year ago, celebrity chef Bob Flay slapped his apartment in the Chelsea Mercantile on the market for a wee bit under $7 million. Now after a year of unsuccessfully hunting for buyers, he’s jacked his ask up to $7.25 million. While the move doesn’t seem intuitive, his broker says it’s all part of the plan.
“The strategy behind doing a price increase [is because] people who are shopping in the $12 to $10 million dollar range often set higher minimums than $7 million in their search results,” Tyler Whitman of Triplemint told the New York Poast. “So we weren’t really capturing that audience. And for the price differential between $7 million to $10 million – for a fraction of that you can take this apartment to an extreme high quality with renovations.”
And to be fair, when Flay first listed his eight-room spread at 252 7th Avenue he wanted $8 million — so ultimately the price has gone down. And Whitman added that the three-bedroom property may soon drop in price once again.
“We’re actually about to do a pretty substantial price reduction for the same reasons,” Whitman told the Post. “To capture an audience who’s been capping their search at a lower rate to make sure we’re also showing up on their search results.”
“Eighty-five percent of marketing is basically how you price an apartment so it shows up on various search engines,” he added.
Flay also wants to be rid of his 3,256-foot apartment’s big un-comfy couch, which he recently filed a lawsuit over.