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

Nov.November 17, 2017 01:35 PM

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.

Related Articles

Kuwaiti Permanent Representative to the United Nations Mansour al-Otaibi and 50 United Nations Plaza (Credit: Sony Ramany/NurPhoto via Getty Images, Google Maps)

Kuwait’s consulate general buys 50 UN Plaza pad for $16M

Web searches for terms including “homes for sale” are way down up north. (Credit: Pixabay)

Fewer Canadians are searching for homes online amid pandemic

Massive stimulus package has limited upside for real estate

Massive stimulus package has limited upside for real estate

About 450 sellers pulled their listings last week (Credit: iStock)

As New York shut down, so did its resi market

Is REBNY and StreetEasy’s decision a much-needed reprieve or data manipulation? (Credit: Pixabay)

Decision by StreetEasy, REBNY to stop market clock triggers debate

The Atelier at 635 W. 42nd Street and 70 Charles Street (Credit: Google Maps)

One of NYC’s priciest listings to appear on the market last week is already in contract

Jacqueline Friedman Brogadir and 993 Fifth Avenue, 10th Floor (Credit: Brown Harris Stevens, Patrick McMullan/Patrick McMullan via Getty Images)

Daughter of Goldman exec nabs Fifth Avenue co-op for $25M

Clockwise from top left: Halstead’s Diane Ramirez, Douglas Elliman’s Howard Lorber, Corcoran Group’s Pam Liebman and Brown Harris Stevens’ Bess Freedman (Credit: Getty Images; iStock)

Tension lingers over showings as brokerage chiefs navigate pandemic