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Poor Meryl Streep Is Struggling to Sell Her Home for One Insanely Simple Reason

Meryl Streep may have won multiple Academy Awards, but even her life is not without struggles. For instance, she’s been trying, and failing, to sell her gorgeous New York City penthouse.

Streep first put her apartment on the market about year ago with no luck. She’s just relisted the 4,000-square-foot Manhattan home, but at a huge discount, dropping the price by 26% and asking $18.25 million.

Located on a full floor of the River Lofts in Tribeca, the four-bedroom, 4.5-bathroom space features a 10-foot terrace on three sides full of greenery and amazing views. The home, designed by Tsao & McKown architects, has Brazilian walnut plank floors, a wood-burning fireplace, and floor-to-ceiling windows that let in tons of natural light.

Streep and husband Don Gummer, a sculptor, purchased the home for $10.31 million in 2006. So why are they having such a hard time selling this gem? Allow us to delve into the reasons!

Meryl Streep’s apartment was overpriced

First and foremost? A year ago when it first hit the market, the apartment was overpriced, says Juliette Janssens, associate broker and senior global real estate adviser at Sotheby’s International Realty. Janssens and Allison Koffman are the new listing brokers for Streep’s penthouse, and did not handle the previous listing last year.

“It seems that it was priced at the same price per [square] foot as where some of the new construction projects were trading, and it was too expensive,” Janssens says.

The new price is more competitive, Janssens says, and “in line with where other luxury resale properties in Tribeca are trading.

“The apartment is spectacular,” she adds. “The views are a ‘wow,’ as is the interior space and incredible wrap terrace.”

While an inflated price is probably the main reason Streep’s apartment sat untouched, experts cite other problems that could still get in the way (more on that next).

New York City’s luxury market is softening

Streep’s penthouse may have been overpriced, but Rose Sklar with Coldwell Banker Residential Real Estate in Florida says the lack of a sale has just as much to do with the market. New York City’s luxury market has seen recent declines.

“This property is not the problem; the market is,” Sklar says. “This beautiful home does not deserve this current market, and the only way to combat this new trend is price repositioning until a buyer gets off the fence.”

The reduced price could also attract buyers looking for an investment property and seeking to capitalize on the “buy low and sell high” philosophy, says Chantay Bridges, a Los Angeles–based real estate agent.

Buyers looking in the $18.25 million price range tend to be well-versed in the real estate market, Bridges says. “If they are able to obtain this gem at a reduced price, then it makes sense to the purchaser and their pocketbook.”

However, slashing the price by more than a quarter could send the wrong message to buyers and make them wonder if something’s wrong with the place, says Jerryll Noorden, a real estate investor in New York City and Connecticut. Instead, she believes, they would have been better off asking potential buyers for some input on why this apartment doesn’t entice them to make an offer.

The agents and sellers “need to analyze feedback from potential buyers better and apply these to increase the chances for a sale,” Noorden says. “But drastically lowering the price is not the way to do it.”

The listing doesn’t mention Streep

Despite this apartment’s megawatt star power, the listing doesn’t mention that Streep owns the penthouse. Some real estate agents see that as a mistake, arguing that highlighting that the penthouse is owned by a Hollywood actress could be a strong selling point.

“Make people want to live there not because of its location, but who lived there before you,” Bridges says. “Make sure people know not to miss this once-in-a-lifetime opportunity to live, sleep, and love where Meryl Streep lived.”

The listing doesn’t fully showcase the building’s many amenities

While the listing photos show off the rooms and the brightness of the space, Cindi Hagley, a San Francisco–based real estate agent and broker associate, says the listing fails to fully highlight the building’s many amenities, which include a newly renovated fitness center, 24/7 doorman, garden, and on-site garage.

A two-minute video highlighting the interior and exterior space accompanies the listing, but Hagley suggests adding a personal touch to generate more buzz and punch up the “wow” factor of what sets the home apart.

“I would have produced it as more of an entertainment vehicle with footage of the neighborhood, building amenities, a brief chat with the doorman, and included night shots with the view of city lights,” Hagley says.

Bridges agrees, and suggests reworking the marketing video to help potential buyers visualize living the luxury lifestyle like Streep—by, say, showing Streep (or a stand-in) inside the apartment hosting a small party, or bringing in groceries with the doorman’s help. (Stars: They’re just like us!)

Streep’s staging is a little sterile

Staging the home with a little more warmth could also amp up the perception of coziness and livability, making it seem more family-friendly and less like a museum or hotel, Noorden adds. For example, adding indoor plants or setting up a kids room with toys could make it feel more livable.

Sklar suggests adding “a pop of color in each room” with flowers or artwork to balance the clean lines and add more intrigue.

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