The listing price for the last condo on the market of a property owned by the Kushner family has been dramatically reduced.
The duplex apartment at the Puck Penthouses condo project in New York will be relisted at $42.5 million, a steep drop from its original asking price of $66 million in 2015, according to the Wall Street Journal.
It’s one of the most significant price cuts seen in the luxury real estate market in recent months.
President Trump’s son-in-law Jared Kushner previously led his family’s company before joining the White House as a senior adviser.
The property has been on and off the market and has switched real estate brokerages several times in recent years. It was last listed in 2017 for $58.5 million.
A spokeswoman for the company said the property had been off the market because a tenant was renting it for $1.25 million a year. The tenant still lives there, she said.
If it’s sold at the asking price, the condo would be among the most expensive homes ever sold in downtown Manhattan, despite the price drop.
The 7,241-square-foot property has five bedrooms and an additional 5,158 square feet of space outdoors. The apartment also has a library, wine cellar, and home theater.
Kushner’s father, Charles Kushner, penned an op-ed in the Washington Post earlier this week, defending the family’s business amid scrutiny over its practices, especially with regards to its record-breaking purchase of 666 Fifth Ave. in New York.
The building, purchased for $1.8 billion in 2007, became a headache as the Kushner’s sought to pay down its debt after the financial crisis. During the 2016 election, the Kushner family tried to make a deal on the budding with foreign investors.
Charles Kushner wrote there was nothing illegal about the company’s practices.
“Jared’s service to the country has brought unprecedented scrutiny of the Kushner Companies from the media and government investigators,” he wrote. “We are happy to assist with all inquiries, but I must note that we are already voluntarily adhering to the strictest standards to avoid even the appearance of conflicts. As a result, we have passed up many business opportunities that we normally would have pursued.”
[Also read: Jared Kushner used WhatsApp to conduct White House business]
