The Real Deal New York

East Side townhouse trades for $10M, after years on the market

Sutton Place-area home was once listed for nearly double the sales price

August 15, 2012 04:45PM
By Zachary Kussin

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From left: Matthew George and Michael Moran of Prudential Douglas Elliman, 3 Riverview Terrace (credit: PropertyShark) and a shot of the interior

A townhouse located at 3 Riverview Terrace at 58th ,Street and the FDR Drive, has sold for $10 million, according to public records released today by the city, after spending nearly seven years on the market. Streeteasy.com shows that beginning in late 2005, the four-bedroom, 4.5-bathroom, 4,274-square-foot home came on the market with a group of different brokerages and asking prices.

Most recently, the property was listed with Matthew George and Michael Moran of Prudential Douglas Elliman. According to Streeteasy, Elliman listed the home in September 2011 for $12.995 million, then decreased the asking price to $11.995 million in mid-January 2012. It then cut the price again in late March 2012 to $10 million, for which the property ultimately sold to an LLC named Tir Na Nog Realty on July 25.

“It’s a stunning home,” Moran told The Real Deal. “Once it’s priced properly, it gets the asking price.”

The Elliman listing boasts details of private parking space, two private terraces — one of which overlooks the East River — a back patio, floor-to-ceiling windows on each floor and a shared riverfront garden.

However, long before Elliman got the listing, Brown Harris Stevens had it in December 2005 for an asking price of $12.995 million, according to Streeteasy. As of late January 2007, the listing, then last priced at $10 million, was no longer available. Beginning in 2009, there were listings with Sotheby’s International Realty and the Modlin Group for $19 million, which both decreased to $15.5 million by 2010. In July 2011, Sotheby’s took the listing off the market, when its most recent price was $14.995 million. Modlin took its listing off the market the previous summer.

City records identify the previous owner as Paul O’Reilly-Hyland, who is the co-founder and CEO at Ounavarra Capital LLC, an independent investment firm. City records show a deed in his name that cleared in April 1998, but does not list a closing price. Streeteasy shows an October 1997 sale in O’Reilly-Hyland’s name for $1.6 million.

“I think things trade at the right price,” said O’Relly-Hyland of the sale of his home. “Most brokers will tell you that.”

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