Crown Barangaroo penthouse: asking price slashed by $10m, new agents appointed

Sydney’s swankiest apartment is back on the market, with a high-profile Luxe Listings agent dropped and the new team tasked with selling the six-bedroom unit spending $500,000 on staging.

Inside the six bedroom Crown Barangaroo penthouse. Picture: Supplied

The new marketing agents for Sydney’s swankiest apartment, Crown’s six-bedroom penthouse at Barangaroo, have dropped the price to $90m and committed to spending half a million dollars staging the unit to better ‘glamorise’ it to attract a buyer.

The Agency’s Steven Chen and Colliers director of residential project marketing Luke Hayes, have taken the reins from high profile Luxe Listings agent Monika Tu of Black Diamondz and Erin van Tuil of Knight Frank to sell the seven bathroom apartment which occupies levels 81 and 82 of Sydney’s commanding Barangaroo tower which was once listed with an asking price of around $100m.

The living room of the Crown double-level penthouse. Picture: Supplied

The sales campaign by US private equity firm Blackstone, which took over Crown in an $8.9bn deal in 2022 in which billionaire James Packer sold out, comes after earlier efforts to sell the opulent penthouse were thrown off course by factors ranging from China’s clamp down on luxury real estate buying, to a global cooling in premium apartment prices, which had made apartments in rival world capitals look cheaper.

After a bout of stock market volatility that has potential buyers scurrying for safe havens for their capital, the new agents see most promise coming from local buyers, who have also dominated in two neighbouring Lendlease residential skyscrapers, where the three level penthouse sold for about $142m to a buyer hailing from Asia.

First up Mr Chen and Mr Hayes plan to smarten up the apartment which first hit the market four years ago by spending $500,000 installing a baby grand piano and a larger TV in the home cinema.

Inside the walk-in wardrobe of the master suite.

They want more glamour in the master suite which already comes replete with a balcony, lavish marble bathroom, steam shower and walk in dressing room. “The master suite is beautiful but it is not opulent,” Mr Chen said.

Mr Chen dismissed the proposed half a million dollar spend on glamorising the apartment saying it was insignificant when you are talking about a $90m apartment sale.

“Now that all the other apartments have been sold all the attention is now on selling this,” Mr Hayes said.

The main bedroom of the Crown penthouse. Picture: Supplied

Over the next five weeks the agents will invitation-only VIPs to view the apartment which comes replete with complimentary twenty four seven parking.

“We will secure a buyer, I think the right buyer is yet to view it,” Mr Chen said.

The agents note that the Barangaroo tower started out with 81 apartments but that has dwindled down to 76 units due to amalgamations, including Mr Packer’s opulent residence which ranks as one of the best in the country after its interiors were done up twice.

The view from the spa bath. Picture: Supplied

Views from the foyer and living area. Picture: Supplied

They said there had only been four Foreign Investment Review Board (FIRB) sales in the Crown tower to date. They said there were many buyers looking to get into the tower due to its extreme popularity. Amenities include a 300 bottle wine cellar, a butler’s pantry, two guest bedrooms, separate entrance for chefs and nannies and a wet bar, to go with panoramic views, including a vista from the Harbour Bridge to Sydney Opera House and Harbour Bridge, that cannot be built out after the developers struck a deal with the NSW government.

Originally published as Crown Barangaroo penthouse: asking price slashed by $10m, new agents appointed