Historic Central Park townhouse sells 44% below ask

Queen Anne mansion was listed for $29 million last year
By Mary Diduch | June 25, 2019 04:00PM

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.