Three years later, $8.8M UES townhouse asks $22M

Sellers are billing the property as a possible condo or office conversion

TRD New York /
Aug.August 22, 2013 05:20 PM

An Upper East Side townhome that could be converted or redeveloped for a variety of uses has just hit the market asking $21.8 million – more than double what it last traded for three years ago, the listing broker told The Real Deal.

The approximately 8,000-square-foot building at 591 Park Avenue, between East 63rd and East 64th streets, could be used for an embassy, a commercial office, or a single-family home, or redeveloped as condominiums, said Douglas Elliman’s Steven Cid, who is handling the listing with colleagues Gail Bomze and Estelle Meister.

“I could see an embassy … a small condo development, a rental building,” Cid said, adding that he had talked to the owners of two small companies that considered the space for a headquarters.

The building also boasts an additional 3,000 square feet of air rights, he said. “And the views only get better up there,” he added. The building is currently five stories, made up of full-floor rental units.

The many possibilities for conversion are constrained by only one thing: a landmarked façade, Cid said. “Inside you can do whatever you want,” he said.

An entity called Dmia O Larieux LLC paid $8.76 million for the property in 2010, per city records. The LLC shares an address with Benenson Capital, a real estate investment and asset management company run by Bruce, Frederick and Lawrence Benenson. Cid declined to comment on the ownership, except to say the seller is an experienced developer in New York City.

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