British model and actress Cara Delevingne is poised to sell her high-end Manhattan triplex at a loss, with political uncertainty following last month's New York City mayoral election cited as a key factor dampening buyer demand.
A Trophy Property with a Reduced Price Tag
The 33-year-old has slashed the asking price for her Gramercy Park residence by more than $1 million since first listing it in October. Public listings show the property is now marketed at approximately $9.9 million, a significant drop from its original $11 million asking price and notably below the $10.8 million Delevingne paid for it in 2022.
Stefani Berkin, the listing broker from R New York, described the move as a "proactive, strategic adjustment to align the property with where the market currently is." She added, "We're already seeing renewed interest and expect increased activity moving forward… This is a trophy property - one that a lucky buyer will have the privilege to call home."
Political Shift Sends Ripples Through the Market
The revised price comes in the wake of Zohran Mamdani's victory in the New York City mayoral race last November. Mamdani, a self-described democratic socialist, campaigned on a platform focused on affordability, including proposals to freeze rents, expand public services, and raise taxes on corporations and high-income earners.
While the mayor-elect has insisted his policies will not increase living costs, brokers report that the ensuing policy uncertainty is already affecting buyer behaviour in the luxury sector. Keyan Sanai, a broker with Douglas Elliman, revealed that at least one prospective buyer explicitly demanded a price reduction linked to Mamdani's win, stating, "prices are going to drop when he gets in." Sanai noted that buyer later abandoned their search entirely, planning to leave the city.
Another developer reportedly delayed a major building acquisition over fears of a sharp decline in property values. Frances Katzen, also of Douglas Elliman, confirmed wealthy clients are reassessing their real estate exposure, stating, "I definitely think there's a lot of emotion around this process. People are very concerned."
A Home Steeped in History and Style
Delevingne purchased the nearly 5,000-square-foot triplex from late-night TV host Jimmy Fallon. Fallon and his wife, producer Nancy Juvonen, had meticulously assembled the home from multiple units inside the landmark building, which was constructed in 1883 as Manhattan's first cooperative.
The six-bedroom, five-bathroom residence spans three floors and boasts distinctive design features including:
- Vintage wallpaper and '70s-inspired decor.
- A stone fireplace and a vintage bar.
- A unique 'saloon' with a wet bar and beamed ceiling.
- A one-time recording studio converted into a walk-in pantry.
- A master suite with two walk-in closets.
A key perk of ownership is a coveted key to the private, two-acre Gramercy Park across the street. Fallon and Juvonen first listed the property in 2021 for $15 million, eventually selling to Delevingne at a substantial discount, a market dynamic the model now faces herself.
Broader Exodus Fears and Market Realism
The hesitation appears to extend beyond Manhattan. Brokers in Connecticut and Westchester County report an increase in inquiries from New Yorkers exploring suburban moves, a trend some compare to the early stages of the pandemic-era exodus.
However, not all industry figures believe a large-scale departure is imminent. Daniel Ickowicz, CEO of Elite International Realty, urged caution, noting a gap between post-election frustration and actual relocation. "Intentions are cheap, but moves are costly," he told the Daily Mail.
For now, Delevingne's Gramercy Park triplex stands as a high-profile case study of how political change and proposed tax policies can swiftly impact sentiment in the world's most exclusive property markets.
