London Luxury Apartment Sold at 50% Discount as Slump Deepens

A flat in one of London’s most luxurious new apartment blocks has sold for about £25 million ($32.9 million), a discount of more than 50% from the asking price earlier this year.

The final new build apartment for sale at The Glebe in Chelsea had been reduced to £45 million from £55 million, before a cut-price deal was agreed this month, according to people familiar with the matter who weren’t authorized to discuss the transaction. The sale price reflects a value of about £2,300 a square foot, almost half the average level of the eight earlier sales in the project, ...