Hedge funder’s estate slashes asking price of UES townhouse

The late Charles Murphy paid $33M for 7 E. 67th in 2007

TRD New York /
Jan.January 09, 2018 11:40 AM

7 East 67th Street and the late Charles Murphy

The estate of the late hedge funder Charles Murphy is writing down the value of his Upper East Side townhouse.

Murphy, who was a partner at investment management firm Paulson & Co., died last year after jumping from the 24th floor of the Sofitel hotel in Midtown. This week, his estate slashed the asking price of his limestone house to $29.95 million — a steep discount from the $50 million that Murphy sought in March 2016, and about $3 million less than he paid for the property in 2007.

Located at 7 East 67th Street, the 11,500-square-foot limestone house was once owned by the Foundation for Depression and Manic Depression, which sold it to Seagram heir Matthew Bronfman for $3 million in 1994. Bronfman, who gutted the 25-foot-wide townhouse, sold it to Murphy in 2007 for a then-record price of $33 million. (Before that, no townhouse narrower than 26 feet traded for more than $30 million.)

Murphy had less luck turning a profit.

He first tried to sell the home in 2009, after it was discovered that the hedge fund he worked for, Fairfield Greenwich Group, lost $7 billion with Bernie Madoff. Upon learning a neighbor was about to sell her townhouse for $25 million, Murphy tried to poach the would-be buyer. When a deal didn’t pan out, he listed the home for $37 million.

Murphy re-listed it in March 2016 asking $49.5 million, or $4,385 per foot. At $29.95 million, the current asking price works out to $2,593 per foot. Since May, Brown Harris Stevens’ Paula Del Nunzio has had the listing, along with the Corcoran Group’s Deborah Grubman, Markus Buchmeier and David Adler. Corcoran’s Carrie Chiang previously had the listing.

In general, the townhouse market had been limping along for more than a year. But a recent slew of pricey deals signaled a possible thaw in the high-end of the market.

Last month, billionaire Vincent Viola reportedly found a buyer willing to shell out $80 million for his 40-foot townhouse, located at 12 East 69th Street.
And in April 2017, an entity affiliated with HNA Holdings paid a record $79.5 million for the Wildenstein mansion at 19 East 64th Street.

Related Articles

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

Nicolai Ouroussoff and Cecily Brown with 125 East 10th Street (Credit: Columbia GSAPP via Flickr, Wikipedia, and StreetEasy)

No criticism here: Nicolai Ouroussoff, Cecily Brown buy E. Village house for $7.75M

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

Nooklyn CEO Harley Courts (Credit: iStock)

Brokerage slashes agent commissions, delays payments after rent law change

The Daily Digest - Tuesday

NYC apartment prices hit 4-year low, Pacific Park developers reveal new plans: Daily digest

LeBron wanted it and California’s governor signed it. What the college athlete compensation law means to real estate

Racial inequality in homeownership across US is sharpest in New York: report