Stoudemire was paying $37,500 a month for the White Plains, New York, penthouse. Recent financial struggles resulting from an ongoing lockout have led some NBA players to cut back on their expensive lifestyles.
An unnamed source told Daily Mail that Stoudemire was unprepared for the financial hit he has taken this year and the NBA star has "ridiculous costs," which led him to put the estate on the market.
The 27-year-old signed with the New York Knicks in 2010 in a deal that was worth $100 million over five years.
"He spent all of his time in the city, so he didn’t need two places," a Stoudemire spokesman said to the Daily Mail. "Like most players, Amar’e was told to prepare for a lockout or any losses that it would cause."
Stoudemire is not completely relocating from New York. He still has a home in Manhattan, in addition to properties in Miami, Los Angeles and Phoenix.
Stoudemire is the second NBA star to make news for packing up and selling a property this week, as Mike Miller from the Miami Heat also placed his Florida estate on the market.
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