J. Crew CEO's $35M Tribeca apartment now $5M cheaper

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AUG. 8, 2012 PHOTO.Seth Wenig/AP

J. Crew CEO Millard “Mickey” Drexler posing for a picture at a J. Crew store in New York

Call it a summer sale.

J. Crew CEO Mickey Drexler has slashed the asking price of his Thierry Despont-designed Manhattan pad by close to $ 6 million, just a month after putting it on the market, the Daily News has learned.

The formerly $ 35 million urban mansion on Tribeca’s Franklin St. is now available for $ 29.5 million.

But it’s not that Drexler is desperate to sell. Rather, his broker, agent to the stars Adam Modlin, said the new price is reflective of a change in marketing strategy. The new $ 29.5 million price tag is just for the apartment, without the custom designed Thierry Despont designed interiors. If the buyer wants those thrown in, they’ll still have to pay more, he said.

Drexler, who also heads up fashion brand Madewell and is a big collector of luxe properties, bought the apartment for just $ 14.3 million three years ago.

He’s selling, Modlin said, because he just doesn’t use the apartment.

“He has one too many homes and they just don’t have a use for it,” he said.

The property, a 6,225-square-foot, full-floor pad with an 82-foot-long grand salon, has wide plank Brazilian wood floors, original columns, enormous arched windows and views of Lower Manhattan. The building offers a degree of privacy, since there are just 12 units.

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Lifestyle – NY Daily News

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