Spruce sells townhouse at $13M discount from initial ask

Investment firm initially put it on the market for $34M, sold it for $21M

TRD New York /
Oct.October 06, 2016 12:20 PM

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.

Spruce 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.

Brown 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.


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