Beaux-Arts mansion on UES enters contract

58 East 66th likely went for less than $20M list price, says Jed Garfield

New York /
Jun.June 25, 2014 06:00 PM

The Beaux-Arts mansion at 58 East 66th Street listed for $20 million before entering contract recently, but Jed Garfield, managing partner at Leslie J. Garfield & Co., believes it may have sold for significantly less.

The reason? While the limestone façade, wrought-iron doors and wood-burning fireplaces have all been preserved, the interior, or at least part of it, was largely demolished, Garfield told the Commercial Observer. “There’s pretty much nothing in there,” he said. For that reason, Garfield reckons it went for roughly its 2008 purchase price of $14.8 million. “I think that if whoever has it got it in the mid-teens, they’ll probably do O.K. with it. It seems now like asking prices always reflect a finished product, even if the item is not,” Garfield told the Observer.

The mansion was last listed with Stribling & Associates’ Catherine Auerbach, who conceded in the listing the property is a “construction site” that could need $3 to $6 million worth of work, according to the Observer.

The buyer remains unknown, but the Observer reported the seller is Nancy Vella, owner of boutique children’s store Florence Fancy and wife of developer Zach Vella. [NYO]Tom DiChristopher


Related Articles

arrow_forward_ios
Pfizer Mansion (Douglas Elliman)
Pfizer Mansion sells for $9M, shattering Clinton Hill record
Pfizer Mansion sells for $9M, shattering Clinton Hill record
11 East 93rd Street (Google Maps, Reza Nouranian Design)
Mystery buyer drops $16M on historic UES brownstone
Mystery buyer drops $16M on historic UES brownstone
Buyers of fixer-uppers can expect a substantial discount from the list price.
What discount to expect on stale listings, fixer-uppers
What discount to expect on stale listings, fixer-uppers
Aaron and Henry Manoucheri of Universe Holdings and Mariners Cove in Toms River (Universe Holdings, Google Maps)
Universe Holdings buys NJ townhomes for $60M in national expansion
Universe Holdings buys NJ townhomes for $60M in national expansion
The PHA unit of 895 Park Avenue was the top contract of the past week (Warburg Realty)
Manhattan townhouse deals reach record levels
Manhattan townhouse deals reach record levels
Brooklyn townhouse market hints at the borough’s pricey future (Getty)
Brooklyn townhouses hot — condos and co-ops, not
Brooklyn townhouses hot — condos and co-ops, not
Volkswagen executive Johan Van de Nysschen and his Hoboken townhouse. (Getty, Brown Harris Stevens New Jersey)
Volkswagen exec gets record $5.25M for Hoboken townhouse
Volkswagen exec gets record $5.25M for Hoboken townhouse
Leslie J. Garfield and 313 West 4th Street (Google Maps)
Leslie J. Garfield’s former townhouse sells for $15M
Leslie J. Garfield’s former townhouse sells for $15M
arrow_forward_ios

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

Loading...