Real estate mogul Karmely lists UES townhouse for $23M

TRD New York /
Oct.October 21, 2013 11:54 AM

New York-based real estate investor Shahab Karmely, the chief of development firm Kar Properties, has put his Upper East Side townhouse on the market for a whopping $23 million.

Karmely is still trying to unload the Gardiner Estate, a sprawling home he owns in East Hampton, which came on the market three years ago for $25 million.

This time, Karmely has enlisted residential brokerage Douglas Elliman to market his Manhattan pad. Allison Chalfin and Sabrina Saltiel of Elliman have the townhouse listing, while the Hamptons exclusive belongs to Tim Davis of the Corcoran Group.

The five-story townhouse, at 48 East 81st Street between Madison and Park avenues, totals 7,700 square feet, with six full bathrooms, three powder rooms and up to six bedrooms, and has imported South American wood floors and Venetian stucco walls throughout, according to the listing, which came online yesterday. It also features a dining conservatory, a library and a teak roof-deck.

Karmely has owned the property since 1991, public records show, but the price he paid for it was not available.

The property’s “level of details and the quality of its finishes are extraordinary,” Saltiel told The Real Deal, declining to comment on the ownership or why Karmely was looking to sell the home. The ground floor of the building was renovated within the last two years, she said.

Karmely recently inked a deal to pay more than $27.5 million to buy a condominium development site in Miami, as previously reported. The site, where two previous condo projects fell through, is at 24 Sw Fourth Street in Miami Dade. Karmely also reportedly wants to spend more time with his family in Europe.

The Gardiner Estate, a 5.5-acre property formerly owned by famed Long Islander Robert David Lion Gardiner, has been on the market for more than three years. Karmely reportedly invested nearly $10 million into renovating the home.

Karmely was not immediately available for comment.


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