The Real Deal New York

Deals arise on once-famed Sutton Place

May 16, 2008 11:36AM

The waning prestige of Sutton Place, the Midtown East street where Henry Kissinger and Marilyn Monroe once lived, has made it an enticing place for developers to flip townhouses. In multifamily buildings there, co-op boards remain strict, requiring as much as 50 percent financing for units, which some observers say decreases sales activity and lowers values. Two-bedrooms on the street, east of First Avenue between 53rd and 59th Streets, cost upwards of $1.6 million, but are down from their peak five years ago. One-bedrooms start at $575,000. 

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