The Real Deal New York

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
By Will Parker | April 14, 2017 01:30PM

Chiang600

177 East 73rd Street and Carrie Chiang

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.