The contract price of this luxury townhouse shows we are truly entering a season of serious discounts.
Broadway producers Janet and Howard Kagan’s Upper East Side townhouse has gone into contract for $29.5 million, down from an original listing price of $44 million.
Built in 1895, the six-story townhouse at 11 East 82nd Street spans nearly 13,000 square feet. The mansion, half a block from Central Park, has nine bedrooms and seven bathrooms. It also has a garden, a wine cellar, and a home gym.
The property was originally listed for $44 million in 2017 with the Corcoran Group’s Elizabeth Sahlman. It was reduced to $35 million in December. Last month, the property was relisted at $29.5 million by Louise Beit at Sotheby’s International Realty.
The final contract price represents a 32 percent decrease from its first listing price.
Discounts are rising in the Upper East Side townhouse market, according to a report from Stribling & Associates. On average, Upper East Side townhouses saw discounts of 10 percent in the second half of last year, Stribling found.
The Kagans, who run Maxolev Productions, produced “Tuck Everlasting” and “Pippin,” which won a Tony Award in 2013. Last May, Howard submitted a $315 million “Hail Mary” bid for the Weinstein Company, but failed to win, according to Variety.
The couple originally bought the townhouse for $24.5 million in 2009.