A 25-foot-wide mansion along Fifth Avenue that hit the market last week with a $25 million asking price could ultimately sell for as much as $40 million, according to the Wall Street Journal, which used the property as an example of the strength of the high-end market.
The building, at 815 Fifth Avenue, is currently divided into offices and apartments, but prospective buyers, who hail from around the world, are looking to restore hidden details from the original construction and transform it into a single-family home. It’s listed by Darren Sukenik of Prudential Douglas Elliman who set a deadline tomorrow for the submission of sealed bids. Kirk Henckels, director of private brokerage at Stribling & Associates, said he expected the house to sell for at least $40 million because of the hunger for Fifth Avenue property along Central Park. The building, erected in 1870 is the oldest on the avenue.
The Journal said the listing comes amidst a surge of ultra-expensive residential properties that have hit the market this year. In the first two months of 2012, 27 homes listed for more than $20 million have hit the market, compared to 12 during the same period a year ago. [WSJ]