The Real Deal New York

Lehman Art House undergoes 25 percent price cut

December 17, 2012 11:30AM

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Carrie Chiang, with an exterior and interior shot of 7 West 54th Street

The Lehman Art House has undergone a price cut from $65 million to $49.9 million, Curbed reported. But even with the 25 percent cut, the asking price still makes the art house New York’s most expensive office property on a price-per-square-foot basis.

Located at 7 West 54th Street, the property measures 16,600 square feet and stands five stories tall. Carrie Chiang at the Corcoran Group has the listing. Paula Del Nunzio of Brown Harris Stevens had the listing previously.

The mansion was built for Philip Lehman, a Lehman Brothers co-founder, and his collection of art. The price breaks down to just over $3,000 per square foot.

An investment group led by Zimmer Lucas Capital, a hedge fund, bought the property in 2005 for $13 million. It spent millions restoring the building’s façade and the interior and even added a rooftop structure with a retractable roof.

The property is being marketed as a school, a diplomatic residence or an office property, or as a home for “a discerning purchaser who desires an ultimate and grand New York mansion.” [Curbed]Zachary Kussin

  • Scrooged

    It’s still overpriced. They overpriced it to get the listing and now they are stuck with it at a price it won’t sell and by the time they get the price right it will have gone through another reduction.

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