Historic Central Park townhouse sells 44% below ask

Queen Anne mansion was listed for $29 million last year

TRD New York /
Jun.June 25, 2019 04:00 PM
248 Central Park West (Credit: iStock)

248 Central Park West (Credit: iStock)

Last year, a 19th-century townhouse that sits on the edge of Central Park hit the market asking $29 million.

But the reality of the city’s sluggish luxury residential market hit back. The Queen Anne mansion at 248 Central Park West sold for $16.25 million, or about $1,662 per square foot, according to a property record filed Tuesday.

Seller Matthew Geller, founder and managing director of health-care investment firm Geller Biopharm, declined to comment. He paid $7.5 million for the 9,775-square-foot property in 2004, according to records.

Sotheby’s International Realty’s Michael Sieger and Lars Klingstedt listed the property. The buyer, Varmland 248 LLC, was represented by Corcoran Group’s Ileana Lopez-Balboa.

“The market’s been tough, so that’s why the seller agreed to the price,” Sieger said.

The home was first listed in April 2018 but saw several price chops over the year. By April of this year, the property was asking $19.95 million, according to StreetEasy.

Facing Central Park and sitting between West 84th and West 85th streets, the home was one of three remaining townhouses constructed by developer William Noble in the Queen Anne style that date to 1887.

Geller and his wife Janet Geller, a retired office manager, undertook a $10 million gut renovation of the property, according to a New York Times profile.

The 16-room home now includes a theater, 50-foot lap pool and sixth-floor penthouse.


Related Articles

arrow_forward_ios
 Jennifer Lawrence and 17 Jane Street with Edward Minskoff (Getty; Sciame Construction)

Jennifer Lawrence buys at Ed Minskoff’s West Village condo

Jennifer Lawrence buys at Ed Minskoff’s West Village condo
Ron Perelman and 36-38 East 63rd Street (Getty, Google Maps)

Ron Perelman shopping side-by-side Upper East Side homes for $75M

Ron Perelman shopping side-by-side Upper East Side homes for $75M
389 Bergen Street and 219 Jefferson Street (Google Maps)

Nearly $30M in Brooklyn luxury contracts signed last week

Nearly $30M in Brooklyn luxury contracts signed last week
River View Estates (Photo via Gordon Beall)

Cherry tree’s gone, but rest of estate will cost you $60M

Cherry tree’s gone, but rest of estate will cost you $60M
Wesley Edens and 520 West 28th Street, Unit PH37 (Getty, Compass)

Fortress Investment chairman buys steeply discounted Zaha Hadid penthouse

Fortress Investment chairman buys steeply discounted Zaha Hadid penthouse
76 Schermerhorn Street and 378 5th Street in Brooklyn (Photos via The Symon and StreetEasy)

It’s just one week, but Brooklyn luxury contract signings fell 50%

It’s just one week, but Brooklyn luxury contract signings fell 50%
421 Broome Street (Google Maps)

Soho penthouse buy sets record despite price chop

Soho penthouse buy sets record despite price chop
209 Dean Street and 315 Adelphi Street (Google Maps)

Sprawling Brooklyn townhouses drive week’s priciest deals

Sprawling Brooklyn townhouses drive week’s priciest deals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...