Henry T. Sloane mansion up for auction

New York /
May.May 27, 2011 04:42 PM

After drifting on the market since it was first listed in 2008, the Henry T. Sloane mansion at 18 East 68th Street, between Madison and Fifth avenues, is hitting the auction block June 22, according to the New York Times.

The residence, which boasts more than 30 rooms and Beaux-Arts touches, has been bounced back and forth between brokerages and the asking price has gone from $64 million to the current asking price of $37.9 million. If the mansion had sold for $64 million in 2008, it would have been the most expensive single residence sold in New York’s history.

The current owner, an investment group managed by banker Joseph Ingrassia, has defaulted on more than $28 million in loans. The group bought the property for $20 million from an owner listed under a limited liability company. That company purchased it for $7.6 million in 2003.

A minimum bid will probably be set for the auction 10 to 15 percent higher than the $28.2 million owed on the property, Calin Onet, a marketing analyst for PropertyShark, told the Times.

The property is listed with Marcus & Millichap Real Estate Investment Services. [NYT]


Related Articles

arrow_forward_ios
Villa Guardatoia and Casa Natalino (Concierge Auctions)
400-year-old Tuscan villa hits the auction block this month
400-year-old Tuscan villa hits the auction block this month
Clockwise from left: 5203-5207 Church Avenue in Brooklyn, 119-40 Metropolitan Avenue in Queens, 855 East 217th Street in the Bronx and 31-35 Steinway Street in Queens (Credit: Google Maps)
Going once, Going twice! Rent-stabilized portfolio hits auction block
Going once, Going twice! Rent-stabilized portfolio hits auction block
Couple to auction off four luxury homes with no reserve
Couple to auction off four luxury homes with no reserve
Couple to auction off four luxury homes with no reserve
This 17th-century villa on Lake Como is on the auction block
This 17th-century villa on Lake Como is on the auction block
This 17th-century villa on Lake Como is on the auction block
 From left: Francis Picabia, the Berkshire Museum, Sotheby's. (Credit from left: cea +/ Flickr; Berkshire Museum/Wikimedia Commons; Nelson Pavlosky)
Controversial art sales by cash-strapped museum raise $2M for capital expenses
Controversial art sales by cash-strapped museum raise $2M for capital expenses
(Credit from back: New York State, BurnAway/Flickr)
Shuttered upstate NY prison is trying to sell itself to Canadian companies
Shuttered upstate NY prison is trying to sell itself to Canadian companies
Chinese investors can now use Auction.com to buy real estate
Chinese investors can now use Auction.com to buy real estate
Chinese investors can now use Auction.com to buy real estate
In rare auction, Battery Park luxury condo sells for nearly $3M
In rare auction, Battery Park luxury condo sells for nearly $3M
In rare auction, Battery Park luxury condo sells for nearly $3M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...