Queen Sofia Spanish Institute townhouse sells for $23M below original ask

The UES home at 684 Park Avenue was originally listed for $48M

Nov.November 15, 2016 01:15 PM

An unidentified buyer picked up an Upper East Side townhouse occupied by nonprofit the Queen Sofia Spanish Institute for $25 million, almost half the original asking price.

The seven-story, 11,232-square-foot property is at 684 Park Avenue, between East 68th and 69th streets. The property was first listed in October 2014 for $48 million. The asking price was reduced to $34 million in September 2015, and was then slashed to $29.5 million last year. The building has now sold for $25 million, according to property records filed with the city Monday.

Architecture firm McKim, Mead & White designed the 25-foot-wide townhouse in 1926. Percy R. Pyne, who lived nearby at 680 Park Avenue, built the now-landmarked property for his daughter, Mary, and her husband, Oliver Filley. Margaret Rockefeller Strong — the granddaughter of Standard Oil co-founder John D. Rockefeller — later bought the townhouse. She donated it to the institute in 1965.

The building features a marble foyer and staircase. It also boasts a walnut paneled library, a grand parlor with three floor-to-ceiling Windows Overlooking Park Avenue. The property has an elevator, several fireplaces, original hardwood floors, a roof deck and a garden terrace, according to StreetEasy.

Serena Boardman of Sotheby’s International Realty had the listing along with Scott Moore, Lisa Lippman and John Burger of Brown Harris Stevens. A representative from the Queen Sofia Institute could not be immediately reached for comment.

It’s not the first Upper East Side townhouse to sell at a steep discount in recent weeks. Last week, ADCO Group bought a townhouse at 49 East 68th Street from artist Abby Leigh for $20.4 million, almost half the original asking price.

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