Yours Now for Only $49 M.! Time Warner Penthouse Takes $16 M. Fall

In the world of high-heeled New York real estate, price cuts are so common these days that it seems relatively useless to point them out, let alone be surprised anymore. Just last week, after all, the tag for a six-story, seven-bedroom townhouse went down to $21 million, after cuts from $35 million to $32.5 million to $29.3 million to $27 million.

But the Time Warner Center suffered a genuinely violent price chop earlier today. According to Brown Harris Stevens' Web site, the Austrian-born investor Gerhard Andlinger's 8,300-square-foot penthouse, which became the most expensive apartment in New York City when it came on the market in November, has been cut from $65 million to $49 million. (On the downside, the yearly maintenance charges and real estate taxes still add up $356,316.)

What does $49 million buy you? A 41-foot-long living room, according to the listing, a red-lacquered corner library ("a special place of solitude in this apartment"), a dining room that looks at the Hudson River, a screening room, "a full laundry center," and four bedrooms with en-suite bathrooms.

In 2003, as part of a settlement with the SEC over insider trading allegations, Mr. Andlinger, who graduated from Princeton and Harvard Business School, was barred from serving as a public company's officer or director for five years. He and four others, including his wife and two sisters-in-law, were fined $3.4 million.

Messages left with his office and broker were not returned.