Luxury real estate in New York doesn’t usually blink easily, but the mood at the top end of the market has clearly shifted.
High-priced homes are sitting longer, buyers are negotiating harder, and even celebrity-owned properties are no longer immune.
That changing climate is now catching up with Cara Delevingne, whose Manhattan apartment is facing an uphill battle as political uncertainty cools demand.
Cara Delevingne Slashes Price on Gramercy Park Triplex
The British model and actress, now 33, has dropped the asking price of her upscale Gramercy Park triplex by more than $1 million since putting it on the market in October.
The apartment is currently listed for around $9.9 million, down from the original $11 million — and notably below the $10.8 million she paid for it back in 2022.
According to public listings, that means Delevingne is on track to sell the property at a loss, a rare outcome for a home of this calibre in Manhattan’s luxury sector.
Brokers Frame the Cut as a Strategic Reset
Delevingne’s listing agent, Stefani Berkin of R New York, insists the price reduction is a calculated move rather than a sign of distress.
She described the adjustment as a way to better match current market realities and said interest is already picking up.
Berkin also emphasized the prestige of the home, calling it a “trophy property” and suggesting that the right buyer will see it as a rare opportunity rather than a markdown.
A Home With Celebrity Pedigree and Classic Flair
The nearly 5,000-square-foot residence spans three floors and features six bedrooms and five bathrooms.
It’s packed with character, boasting vintage wallpaper, bold colour choices, ‘70s-inspired design elements, a stone fireplace, and even a vintage bar.
One of its biggest perks is access to private Gramercy Park — ownership includes a coveted key to the gated park just across the street, a privilege only a handful of residents in the area enjoy.
From Jimmy Fallon to Cara Delevingne
Before Delevingne bought the triplex, it belonged to late-night TV host Jimmy Fallon and his wife, producer Nancy Juvonen.
The couple had combined several units inside the historic building, which dates back to 1883 and holds the distinction of being Manhattan’s first cooperative.
They initially listed the home in 2021 for a hefty $15 million, eventually selling it to Delevingne at a significant discount.
Just a few years later, she appears to be facing similar market resistance.
Political Shifts Are Spooking Wealthy Buyers
Real estate brokers say the challenges go beyond one listing.
Since Zohran Mamdani’s mayoral election victory last month, uncertainty around future policies has made some affluent buyers hesitant.
Mamdani, who identifies as a democratic socialist, campaigned on freezing rents, expanding public services, and increasing taxes on corporations and high earners.
While he has argued these measures won’t raise the cost of living, some investors remain unconvinced.
Buyers Are Waiting — or Walking Away
Douglas Elliman broker Keyan Sanai revealed that at least one potential buyer explicitly linked their hesitation to Mamdani’s win, arguing that prices could fall further once the new administration takes office.
That buyer eventually abandoned the search altogether and planned to leave New York.
Sanai also noted that a developer delayed purchasing a building out of fear that values could drop sharply.
According to him, many people are either pausing decisions or rushing to sell — even if it means taking a loss — before the new year.
Anxiety Is Spreading Beyond Manhattan
The unease isn’t confined to the city.
Brokers in Connecticut and Westchester County say they’ve seen a noticeable rise in inquiries from New Yorkers exploring suburban options.
Coldwell Banker agent Marilyn Profit described an uptick in calls from city residents who are clearly worried about what lies ahead, comparing the early signs to the initial wave of pandemic-era relocations.
Not Everyone Is Ready to Flee the City
Still, some industry leaders are urging caution before predicting a mass exodus.
Daniel Ickowicz, CEO of Elite International Realty, pointed out that post-election frustration doesn’t always translate into real-world moves.
He stressed that while it’s easy to talk about leaving, uprooting families, schools, and businesses is expensive and complicated.
As he put it, intentions are cheap — but moving is not.
What Comes Next for the Market?
For now, Cara Delevingne’s apartment has become a high-profile example of how shifting politics and buyer sentiment can ripple through even the most exclusive corners of New York real estate.
Whether the price cut sparks a sale — or signals further softness ahead — is something the market will soon reveal.
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