Owners of very pretty and very expensive UES parking garage bring in Carrie Chiang, slash price by $12.5M

Paula de Nunzio at BHS last listed it for $42.5M, but Chiang has taken the ask all the way down to $30M

New York /
Apr.April 14, 2017 01:30 PM

Corcoran Group broker Carrie Chiang is taking over for Brown Harris Steven’s Paula del Nunzio at a Beaux-Arts parking garage at 177 East 73rd Street, and with its owner’s blessing, cutting a $12.5 million slice out of the asking price.

The parking garage was first listed in 2015 by Sotheby’s International Realty’s Nikki Field for $50 million. A year later, del Nunzio took over the 17,232-square-foot listing and lowered the price to $42.5 million. But that didn’t get the job done, either.

Now Chiang and the Connelly Family Trust, the owners, are dropping the price all the way down to $29.95 million ($1,738 per square foot) for the building that’s still marketed as a townhouse conversion in waiting.

“I think it’s still overpriced,” said Jed Garfield, a townhouse specialist at Leslie J. Garfield. “The only surprising thing is that now they’re willing to sell it at [closer to] market price.”

According to what Field told the Wall Street Journal in 2015, the cost of converting the building to residential would cost anywhere from $9 million to $20 million.

The New York Post later reported that design firm the Renovated Home was working on ready-made plans for a home with an eight-car garage, basketball court and home theater.

Chiang, del Nunzio and Field did not immediately respond to requests for comment.

The Real Deal recently reported on the rapidly cooling Manhattan townhouse market, where seller expectations are getting lower by the month.


Related Articles

arrow_forward_ios
Brooklyn luxury contracts heat up in first week of October
Brooklyn luxury contracts heat up in first week of October
Brooklyn luxury contracts heat up in first week of October
30 Grove Street (Isaacs Ganz / RESERVE Real Estate)
West Village townhouse asking $28M in contract
West Village townhouse asking $28M in contract
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
arrow_forward_ios

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

Loading...