Cara Delevingne forced to make a loss on multi-million dollar property as buyers dry up ahead of Mamdani's New York takeover
A high-end Manhattan apartment owned by British model and actress Cara Delevingne is likely to sell for a loss as political uncertainty weighs on buyer demand following Zohran Mamdani's New York City mayoral victory last month.
Delevingne, 33, has cut the asking price of her Gramercy Park triplex by more than $1 million since listing it in October.
The residence is now priced at about $9.9 million, down from its original $11 million and well below the $10.8 million she paid for the property in 2022, according to public listings.
'We made a proactive, strategic adjustment to align the property with where the market currently is,' listing broker Stefani Berkin of R New York told the New York Post.
'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.'
Even so, the revised price points to a loss for Delevingne, who bought the nearly 5,000-square-foot residence from late-night TV host Jimmy Fallon.
Fallon and his wife, producer Nancy Juvonen, had assembled the triplex from multiple units inside the landmark building overlooking Gramercy Park, which was constructed in 1883 as Manhattan's first cooperative.
The six-bedroom, five-bathroom home spans three floors and includes a range of distinctive design features, including vintage wallpaper, bold color palettes, '70s-inspired decor, a stone fireplace, and a vintage bar.
A high-end Manhattan apartment owned by British model and actress Cara Delevingne (pictured) is likely to sell for a loss
The triplex apartment is set on Manhattan's Gramercy Park and allows access to the private space
A huge aqua couch remains in the property's living room from when Jimmy Fallon lived there
Ownership also comes with a coveted key to the private Gramercy Park across the street.
Fallon and Juvonen first listed the property in 2021 for $15 million, eventually selling it to Delevingne at a substantial discount.
Now, only a few years later, the model appears to be confronting similar market headwinds - ones that brokers say have only intensified since Mamdani's November election win.
Mamdani, a self-described democratic socialist, ran on an affordability-focused platform that includes freezing rents, expanding public services, and raising taxes on corporations and high earners.
While the mayor-elect has insisted his proposals will not raise the cost of living, some affluent New Yorkers and real estate investors say the policy uncertainty has already altered buyer behavior.
Keyan Sanai, a Douglas Elliman broker in Manhattan, said at least one prospective buyer explicitly demanded a price reduction tied to Mamdani's win.
'They told me, "prices are going to drop when he gets in. We'll either do the deal now or wait. We're not in a rush,"' Sanai said to The Post.
He added that the buyer later scrapped the search entirely and planned to leave the city.
Mamdani, a self-described democratic socialist, ran on an affordability-focused platform that includes freezing rents, expanding public services and raising taxes on corporations and high earners
There's a 'saloon' with wet bar, beamed ceiling, plaid wallpaper and a fireplace
A one-time recording studio now serves as a walk-in pantry
The almost 5,000sq ft home has plenty of vintage decor and a cosy feel about the place
The kitchen includes colorful pendant lights, a breakfast bar, a wood floor and upscale appliances
Another developer, Sanai said, delayed a building acquisition over fears of a sharp decline in values. 'One told me, 'If I buy now and this guy gets elected, it's going to be a raw deal,' he said. 'Everyone's either holding off or saying, 'Let's be out by Jan. 1, even if we sell at a loss.'
Frances Katzen, also with Douglas Elliman, said wealthy clients are reassessing real estate exposure amid the proposed policy shifts. 'I definitely think there's a lot of emotion around this process,' Katzen said. 'People are very concerned.'
The hesitation is not limited to Manhattan. Brokers in Connecticut and Westchester County report an uptick in inquiries from New Yorkers exploring suburban moves, a trend some have likened to the early stages of the pandemic-era exodus.
Marilyn Profit, a Coldwell Banker agent, told WFSB that she has seen increased calls from 'very concerned' city residents.
The property offers six bedrooms and five bathrooms over the top three floors of the co-op building as well as stunning views and a key to the private two-acre park
The triplex has plenty of rooms that can be used as an office or even a playroom
A 'secret door' under the stairs opens into a playroom
The master suite offers two walk-in closets
Although beautifully decorated there are still some partuclarly 'cosy' bedrooms
The bathroom has a steam shower and dual vanities while a soaking tub is situated in a separate room
The master suite is located on the top floor of the apartment building
Fallon and his wife Juvoven purchased four units over the years and remodeled them to create the one large penthouse of almost 5,000-square-feet spread over three floors
Jimmy Fallon and his wife first listed the property in 2021 for $15 million, eventually selling it to Delevingne at a substantial discount
'Even the agents are saying the same thing, that they're seeing more of an uptick in calls for New Yorkers wanting to buy in Connecticut,' she said.
Still, not all industry figures believe a large-scale departure from New York is imminent. Daniel Ickowicz, CEO of Elite International Realty, cautioned that post-election frustration does not always translate into relocation.
'We must understand that there's a big gap between feeling frustrated after an election and people actually packing a home, changing schools, and relocating a business,' Ickowicz told the Daily Mail.
'Intentions are cheap, but moves are costly.'
