Lehman Art House undergoes 25 percent price cut

New York /
Dec.December 17, 2012 11:30 AM

The Lehman Art House has undergone a price cut from $65 million to $49.9 million, Curbed reported. But even with the 25 percent cut, the asking price still makes the art house New York’s most expensive office property on a price-per-square-foot basis.

Located at 7 West 54th Street, the property measures 16,600 square feet and stands five stories tall. Carrie Chiang at the Corcoran Group has the listing. Paula Del Nunzio of Brown Harris Stevens had the listing previously.

The mansion was built for Philip Lehman, a Lehman Brothers co-founder, and his collection of art. The price breaks down to just over $3,000 per square foot.

An investment group led by Zimmer Lucas Capital, a hedge fund, bought the property in 2005 for $13 million. It spent millions restoring the building’s façade and the interior and even added a rooftop structure with a retractable roof.

The property is being marketed as a school, a diplomatic residence or an office property, or as a home for “a discerning purchaser who desires an ultimate and grand New York mansion.” [Curbed]Zachary Kussin


Related Articles

arrow_forward_ios
49 East 10th Street and Barbara Corcoran (Credit: Google Maps and Getty Images)
Corcoran to shut down office in building partly owned by Barbara Corcoran
Corcoran to shut down office in building partly owned by Barbara Corcoran
Corcoran President & CEO Pamela Liebman (Credit: Corcoran, Getty Images)
Welcome to Queens: Corcoran opens first borough outpost
Welcome to Queens: Corcoran opens first borough outpost
Corcoran CEO & President Pamela Liebman (Credit: iStock)
Corcoran begins new lead-gen push via Facebook ads
Corcoran begins new lead-gen push via Facebook ads
David V. Johnson and Corcoran CEO Pamela Liebman. (Liebman ph: Marc Scrivo, Oil Nut Bay)
Corcoran launches first international franchise in British Virgin Islands
Corcoran launches first international franchise in British Virgin Islands
The Real Deal's December 2019 and September 2019 issues
The Real Deal wins 14 NAREE journalism awards
The Real Deal wins 14 NAREE journalism awards
Clockwise from top left: Anthony Marino, Lori Glick, Gabriel Liebowitz, Tamara Marotta, Emma Kerins, Sharron Burroughs-Clarke, Heather Cella and Lauren Schaffer
And the resi “deal of the year” winners are…
And the resi “deal of the year” winners are…
Carrie Chiang (Photo by Guerin Blask)
The Closing: Carrie Chiang
The Closing: Carrie Chiang
Realogy CEO Ryan Schneider and SIRVA CEO Thomas Oberdorf
Judge rejects Realogy’s bid to force $400M sale of Cartus
Judge rejects Realogy’s bid to force $400M sale of Cartus
arrow_forward_ios

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

Loading...