The Real Deal New York

Spruce sells townhouse at $13M discount from initial ask

Investment firm initially put it on the market for $34M, sold it for $21M
By Kathryn Brenzel | October 06, 2016 12:20PM

116 Waverly Place in the West Village

116 Waverly Place in the West Village

A Greenwich Village rental building turned single-family townhouse just sold for $20.7 million — a steep drop from its initial ask of $34 million.

13235150-2_l copySpruce Capital Partners sold 116 Waverly Place, a six-story apartment building converted into a palatial, 10,200-square-foot mansion, according to property records filed with the city on Thursday. The buyer of the home was not immediately clear since the deed was signed by an attorney.

13235150-8_lBrown Harris Stevens’ TRData LogoTINY David Kornmeier, who handled the listing, did not immediately return a call seeking comment. A representative for Spruce wasn’t available to comment.

Spruce bought the 19th-century building in 2012 for $6.8 million and then gut-renovated the property. Architect Dirk Denison redesigned the building, which has seven bedrooms, a rooftop pool, four fireplaces and a wine cellar. Spruce initially listed the home for $34 million in 2014 with Peter McCuen & Associates. Brown Harris Stevens took over the listing in September 2015. The price tag has dropped a few times since, most recently for $23.5 million in June.

According to the listing, the home was once owned by author Anne Lynch Botta and served as a literary gathering place for the likes of Herman Mellville, Louisa May Alcott and Ralph Waldo Emerson.