Units at former Chelsea townhouse renting for $15,000 per month

TRD New York /
Feb.February 19, 2010 04:01 PM

The historic Chelsea townhouse formerly owned by actress and diving instructor Frances Gaar has an all-star cast of renters after a full renovation by owner and broker Michael Bolla and developer Michael Daniel. Gaar, who purchased the 19th century home at 436 West 20th Street for $12,000 in 1962, sold it to Bolla and Daniel for $6.1 million before her death last year. The developers promised Gaar they would preserve the home, and they have since made good on the deal. The 10,000-square-foot property, now on the market for $21 million, has a new foundation, restored facades and glass terraces on each of its six stories. Four of the five homes have been rented since the restoration, each for $15,000 per month. Three went to celebrities identified only as a rock star, actress, and a relative of a prime minister. The other went to a lawyer-banker couple. The remaining unit, on the garden floor, is listed for $16,500 per month. Bolla’s Luxury Lofts and Homes is marketing the property. [NYDN]


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