Antique dealers’ UES pad returns to market with $72 million price tag

TRD New York /
Apr.April 02, 2010 11:46 AM
Images from 1016 Madison Avenue (click image for larger version)

A $65 million townhouse at 1016 Madison Avenue has returned to the market after a year hiatus and with a new $72 million price tag, according to listing agent Michael Pellegrino of Sotheby’s International Realty.

The 10-bedroom, 12,000-square-foot turn-of-the-century home, which is next door to Mayor Michael Bloomberg’s home, between 78th and 79th streets, underwent several renovations since it exited the market last year, according to Pellegrino, and was “restored to its original grandeur.”

The home — which is asking $6,000 per square foot — may have a certain draw for art enthusiasts because it was once owned by noted German art dealer Klaus Perls. The seller of the single-family property is noted antique, book and maps dealer W. Graham Arader. It is currently being used as a gallery, Pellegrino said.

“It’s rare,” Pellegrino said, “[and] it’s a little pricey, but it is what it is.”

The home has undergone several price changes throughout its tour on the market. It first came online with an asking price of $39 million in March 2006, was pulled from the market in the fall of 2007, before returning with an asking price of $75 million in October 2008. Toward the end of that year, Pellgrino told The Real Deal that he was confident about the townhouse’s potential, noting that he had received “offers in the low $60s.”

The Arader house is not the only one in the $70 million price range. Aby Rosen’s 22 East 71st Street mansion is listed at $75 million for 21,000 square feet, amounting to $3,571 per square foot, far less than the price per square foot for the Arader home.


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