National Academy of Design sells Fifth Avenue townhouse for $25M

Buyer is an LLC linked to Raine Group

TRD New York /
June 08, 2018 06:40 PM

Exterior and Interior photos of 1083 Fifth Avenue (Credit: Curbed NY and Corcoran)

The National Academy of Design sold a piece of its Fifth Avenue headquarters for $25 million, records filed with the city Friday show. An LLC linked to merchant bank Raine Group bought the 15,000-square-foot townhouse that was remodeled in 1913 by renowned architect Ogden Codman, Jr.

The six-floor, five-bedroom townhouse at 1083 Fifth Avenue was part of a much larger, 42,000-square-foot complex housing the National Academy Museum and School, which announced in 2016 that it would list the properties for a total of $120 million, citing high maintenance costs.

Corcoran Group‘s Carrie Chiang had the listing for the townhouse, which went into contract in January, as The Real Deal reported at the time.

Joe Ravitch, a co-founder of the Raine Group, did not immediately respond to a request seeking comment.

The Beaux-Arts, Upper East Side home was once owned by railroad heir Archer Milton Huntington, who bought it in 1901 and later hired Codman to redesign it. Huntington and his wife, the sculptor Anna Hyatt Huntington, donated the townhouse and adjacent buildings to the National Academy in 1940.


Related Article

arrow_forward_ios
From left: 2785 Broadway, 521 Bergen Avenue in the Bronx, and 1685 First Avenue (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

The Real Deal takes a look at the calls made to NYC’s 311 hotline over the past year. (Credit: iStock)

What NYC tenants complain about the most by neighborhood

21 East 63rd Street (Credit: Compass)

The Chopard Mansion is on the market for $40M

Elie Hirschfeld and 11 East 68th Street (Credit: Getty Images, Sotheby's, iStock)

Elie Hirschfeld sells UES penthouse for $34M

arrow_forward_ios