Monday, 17 October 2016

19th-century UES mansion recast for modern living reduces ask to $38.8M

The townhouse first hit the market in March seeking $49.5M

The "classical and chic" 25-room townhouse at 7 East 67th Street is having a hard time finding a buyer. The house, owned by hedge funder Charles Murphy, first hit the market in March seeking $49.5 million, and recently underwent a price chop bringing its ask down to $38.8 million—hardly a basement bargain price, but a substantial discount nonetheless.

Murphy picked the property up from Seagram heir Matthew Bronfman in 2007 for $33 million, and first relisted the property for $37 million just two years later. Its stay on the market was short-lived, and reappeared seeking just shy of $50 million seven years later.

The townhouse underwent a a complete and exquisite renovation under Bronfman who razed the townhouse just short of its facade and brought it a sweeping elliptical staircase topped by a skylight, a double-height library, a gym in the basement, and gallery spaces on the first and second floors.

The townhouse between Fifth and Madison avenues was originally designed in 1882 by Thom & Wilson, and recommissioned in 1899 by Clinton and Russell, the duo behind the Apthorp and Hotel Astor.



from
http://ny.curbed.com/2016/10/17/13306124/upper-east-side-townhouse-price-reduction

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