NYC’s Mandarin Oriental to Reduce Some Condo Prices by About 20%

Some condos at New York’s Mandarin Oriental development will be put up for sale with reduced pricing after years of struggling to find buyers.

Residential brokerage firm Serhant New Development is set to lead a revamped sales effort at the Mandarin Oriental residences at 685 Fifth Ave., which includes cutting the asking price of remaining units on the market by 20% on average, according to Serhant broker Peter Zaitzeff, who was recently tapped to be the new sales director for the building.

“We’ll be implementing the price reductions to gain absorption and move units more quickly,” said Zaitzeff, who will ...