The Real Deal New York

78th Street mansion sells $8.5M below asking

August 05, 2009 10:47AM

5 East 78th Street (Source:

A 105-year-old mansion at 5 East 78th Street between Madison and Fifth avenues sold for $15 million, marking an $8.5 million drop from the space’s original asking price, according to city records. The mansion, which once housed noted fashion designer Adele Simpson, requires extensive renovations — between $10 and $15 million worth, according to estimates from sources. Joan Raines, Simpson’s daughter and the seller, said she was discouraged by the price drop. “Well, sure, it was disappointing, but what are you going to do about it, you know? It is what it is,” Raines said. “The responsibility is over. It’s another era.”

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