Sloane Mansion price cut by 40 percent

New asking price for Upper East Side home: $39 million

New York /
Nov.November 11, 2009 05:54 PM

The owners of Manhattan’s most expensive house have chopped the 18 East 68th Street mansion’s price by nearly 40 percent to $39 million, feeling the pinch of “other issues” that have left them in urgent need of capital, said Lawrence Selevan of Chesterfield Faring, their financial advisor. The 18,267-square-foot Sloane Mansion, as the property is known, was originally listed last year for $64 million. Joseph Ingrassia and Jon Rice, who founded the banking firm Capstone, purchased the home in 2007 for $20 million as their first foray into residential real estate, according to their agent, Leighton Candler of the Corcoran Group, who noted it would be their last. The century-old home, with 15 bedrooms, 17 bathrooms and 11 fireplaces, saw its first price cut in January, to $54 million, when Paula Del Nunzio of Brown Harris Stevens was marketing the house, which still would have been a record-high price for a Manhattan house, before being delisted in July (in a phone call, Del Nunzio confirmed to The Real Deal that she no longer has the listing, but declined to comment further. Candler did not respond to requests for comment). This week, the Sloane Mansion is back on the market for $39 million. “The owners have a real need to sell in the first quarter of next year, or sooner,” Selevan said.


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