Fifth Ave. mansion could go for $15M above ask

Property exemplifies surge in activity in ultra-luxury market

TRD New York /
Mar.March 26, 2012 09:30 AM

A 25-foot-wide mansion along Fifth Avenue that hit the market last week with a $25 million asking price could ultimately sell for as much as $40 million, according to the Wall Street Journal, which used the property as an example of the strength of the high-end market.

The building, at 815 Fifth Avenue, is currently divided into offices and apartments, but prospective buyers, who hail from around the world, are looking to restore hidden details from the original construction and transform it into a single-family home. It’s listed by Darren Sukenik of Prudential Douglas Elliman who set a deadline tomorrow for the submission of sealed bids. Kirk Henckels, director of private brokerage at Stribling & Associates, said he expected the house to sell for at least $40 million because of the hunger for Fifth Avenue property along Central Park. The building, erected in 1870 is the oldest on the avenue.

The Journal said the listing comes amidst a surge of ultra-expensive residential properties that have hit the market this year. In the first two months of 2012, 27 homes listed for more than $20 million have hit the market, compared to 12 during the same period a year ago. [WSJ]

Related Articles

Placeholder image

Pierre Hotel penthouse slashes price to $95M

Heard around town: Bistricer in Canada, Henckels’ hairy run-in … and more

Park Avenue 12-room duplex asks $17M

Manhattan housing prices, sales volume stagnant despite low inventory

Uber-wealthy drive top of market to new heights, but $5M to $20M segment lags

$5 million-plus co-op market strong in 2011, condo market weak

Placeholder image

Demand for high-end NYC condos rivals market’s peak

Foreign buyers bolstering holiday home sales