The Real Deal New York

Kleeberg mansion set to hit auction block

Townhouse at 3 Riverside Drive was first listed for $40M in 2012
December 02, 2016 10:30AM

Kleeburg Residence at 3 Riverside Drive

Kleeburg Residence at 3 Riverside Drive

After a series of price reductions, an Upper West Side mansion known as the Kleeberg Residence will be auctioned off later this month.

The five-story, eight-bedroom house at 3 Riverside Drive has been on and off the market for years, the Wall Street Journal reported. Now, with the owner facing foreclosure, the house will be sold to the highest bidder on Dec. 20th. It’s expected to fetch between $13 and $16 million, according to the paper.

The townhouse — which spans nearly 11,000 square feet — was first listed in 2012 for $40 million. Over the years the price has been reduced six times. It has been listed for both $36 million and $27.5 million. In March, the price was cut to $22 million. In October, it was asking $18.5 million, the Journal reports.

The townhouse, which was designed in the French Renaissance Revival style by architect C.P.H. Gilbert and was completed in 1898, has 18 rooms, four terraces, six bedrooms and nine gas fireplaces. It also has a pool and full gym.

The current owner is real estate developer Regina Kislin, who paid $2.6 million for the property in 1996. Kislin spent years restoring the home. Since 2013, she has been facing a foreclosure action on a $4 million mortgage on the 37-foot-wide townhouse. The property is selling through Concierge Auctions in cooperation with Daniel Joory and Howard Morrel of Engel and Völkers New York City.

Laura Brady, the president of Concierge Auctions, told the Journal that auctions of properties like the Kleeberg Residence are increasing because it is difficult to establish a fair price through conventional broker listings, particularly when the market is uncertain or slowing down. [WSJ]Miriam Hall