The Real Deal New York

Bolla’s Chelsea Mansion reemerges with $19M asking price

Townhouse that's popular with celebrities gets price cut after two year hiatus
September 20, 2012 06:00PM

Michael Bolla has returned his massive Chelsea townhouse project, rich with celebrity history, to the market with an $18.95 million asking price. The Prudential Douglas Elliman managing director listed the property, at 436 West 20th Street, yesterday, Curbed reported.

Bolla first brought the house to the market in 2010 with a $21 million asking price after an extensive renovation. Bolla restored many of original moldings and salvaged historical details while adding a large elevator, washers and dryers in each of the nine bedrooms and extra sound-proofing materials. But he eventually pulled the listing, citing market conditions, and instead attempted to rent each of the five stories for between $15,000 and $20,000 per month, according to published reports.

The building remains divided into five units today, but the listing said it will be delivered vacant for use as a single-family home.

No effort or expense has been spared in the process of saving every possible architectural element,” Bolla said in a statement.

The mansion was originally built in 1835 at 10,000 square feet, more than twice the size of the typical period house, according to architectural historians. It was owned by actress Frances Gaar for 54 years through 2008, when she sold it to Bolla. Gaar had rented it out to Glenn Close for eight years, but in the years since Bolla took control it has been rented to Courtney Love and Olivier Sarkozy, among others.

The property also has a 30-foot formal dining room, an original ballroom and a rooftop garden.

Bolla was also a partner in the development of the Madison-Jackson condominium building on the Lower East Side. His partner is reportedly seeking to sell off his interest in the development. [Curbed]Adam Fusfeld

  • 3CPO

    Ridiculous price for this and lets not forget how much this would cost t turn it back into a single family…..Madison Jackson iks another bomb…he too smart for his own good