Greenwich mansion sells for half price, still area’s top sale of the year

The 27-room estate first came on the market in 2015

Dec.December 26, 2018 11:00 AM

110 Clapboard Ridge Road in Connecticut (Credit: Sotheby’s)

The market for homes in Greenwich has been going through a slow patch lately, as well-off buyers have gravitated towards nearby New York City instead.

The recent sale of a massive 27-room Georgian estate in Connecticut shows just how weak the local market has gotten: Despite going for just 50 percent of its original listing price, the $17.5 million sale will still be Greenwich’s most expensive sale of 2018.

Interior views of 110 Clapboard Ridge Road

The sellers were Ara D. Cohen, co-founder of Knighthead Capital Management, and his wife Hilary Bangash Cohen. The couple had purchased the then-unfinished home in 2010 for just $10.5 million. After completing construction, they put the estate back on the market with an asking price of $35 million in 2015.

The property had been on and off the market with several price chops until it sold last week to an unidentified buyer. Leslie McElwreath and Joseph Barbieri of Sotheby’s International Realty represented the sellers, while Robin Kencel of Compass represented the buyer.

The 17,000-square-foot property, located at 110 Clapboard Ridge Road, sits on a 5.34-acre plot and includes a billiards room, a home theater, a wine cellar and indoor and outdoor swimming pools. [WSJ] — Kevin Sun

Related Articles

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

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