The Real Deal New York

Moinian buys Beaux-Arts garage on UES for $25M — half the original ask

The Connelly Family Trust initially sought $50M for the property in 2015
By Will Parker | November 17, 2017 01:35PM

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177 East 73rd Street and Carrie Chiang

After more price cuts than an exercise bike at a yard sale, the stately parking garage at 177 East 73rd Street finally sold to the Moinian Group for $25 million, records filed with the city Friday show.

Corcoran Group’s Carrie Chiang took over the listing on behalf of the Connelly Family Trust in April, lowering the ask from $42.5 million to $30 million.

The 17,232-square-foot, Beaux-Arts parking garage, located in in prime Upper East Side territory, first went on the market for $50 million in 2015, with Sotheby’s International Realty’s Nikki Field as the broker. The property was marketed for single-family residential conversion, a process Field estimated would cost an additional $9 to $20 million, according to the Wall Street Journal. The following year, Brown Harris Stevens’ Paula Del Nunzio took over the listing, lowering the ask to $42.5 million. Finally, Corcoran’s Chiang saw the property through to sale as of today.

When called for comment, a receptionist at Chiang’s office said Chiang would not comment to the press. A representative for Moinian Group did not immediately return a call seeking comment.

It’s unclear if the purchase is a development play for Moinian or if the company founder, Joseph Moinian, plans to make the property his personal residence. Last year, the developer sold his Park Avenue co-op for $8.8 million.

In April, Chiang sold the Wildenstein Mansion, another property positioned for conversion, for a townhouse record of $79.5 million. An affiliate of HNA Group was the buyer.