A studio in the Osborne that has been on the market for nearly two years has ornate finishes, as shown in this listing photo.
Photo: A & I Broadway
At least on paper, Lev Grzhonko got a deal. The actor and partner at a debt-collection firm bought in the Osborne in December 2014, picking up apartment 4AA for $825,000 after it cycled from an initial asking price of $1.995 million in 2009 to a brief, wild stopover at $3.5 million, and then down, down, down to the high six figures. It’s a studio in name (and floor plan), but not in grandeur: a 1,000-square-foot corner unit with southern and eastern exposures and original Tiffany glass transoms. The mahogany walls, ceilings, and spiral staircase leading to the balcony level were part of a renovation that allegedly cost the prior owner, the late Hong Kong billionaire Eric Hotung, more than $2 million. “It’s a unicorn,” says Broadway Realty managing director Elliot Bogod, who has the current listing. “There is no apartment like this in Manhattan.” That may be true, but now Grzhonko is the one struggling to sell.
The studio first listed in March of 2021 for $1.45 million; that September, the price fell to just below $1.3 million. After coming off the market for a spell, it was re-listed in March of 2023 at $1.95 million. In the two years since, the price has come down to $1.665 million. (Grzhonko has been “selling it for some time now,” says Bogod.) The storied co-op on West 57th Street, the city’s second-ever luxury building, has counted Fran Lebowitz and Leonard Bernstein among its previous residents. The lobby dazzles with gilded mosaics and Italian marble. It’s on Billionaires’ Row and sits across from Carnegie Hall. So what’s the holdup?
Bogod has his theories: “Today, a majority of buyers got used to minimalism, to modern kinds of apartments. It’s opposite to this.” Indeed, 4AA features a pair of chandeliers hanging from the coffered mahogany ceiling in the living area, illuminating ornate armchairs and a red Victorian-style settee. The bathroom includes a soaking tub, shower, and a fireplace — all carved out of onyx jade “suited for a king or queen,” per the listing. “It’s like living in a piece of a museum,” says one broker who has previously sold in the Osborne. A small museum. “When you walk in, it’s so remarkable that you expect 54 rooms behind it,” the broker adds.
The apartment’s previous owner, the late Hong Kong billionaire Eric Hotung, allegedly spent $2 million to build out the studio with luxurious features such as mahogany ceilings, walls and a spiral staircase leading up to a mezzanine, as shown in this listing photo.
Photo: A & I Broadway
Which perhaps brings us to the more obvious sticking point: It’s, well, very expensive. “People do, after all, need bedrooms, closets, kitchens,” the broker says. “If they’re asking $1.665 million and you’re not getting any of that, you’d better like the decoration because you are paying for that decoration.” And a buyer interested in the Obsborne isn’t lacking in options. A one-bedroom in the building with vaulted brick ceilings went up about a week ago for $675,000. A two-bedroom on the 9th floor went into contract for just under $700,000 last month.
But Bogod feels optimistic about the fate of 4AA. He’s bullish that a sale is near. “It needs the one perfect buyer who appreciates the quality of craftsmanship,” he says. “I love this apartment.”
The fireplace, as shown in this listing photo, is one of three dotting the studio, all carved out of onyx jade. These finishes add a regal quality to the studio, as one broker observed: “It’s like living in a piece of a museum.”
Photo: A & I Broadway