Chelsea manse once listed for $37M sells after 41% price chop

Property sold for $14.99M in early July to an unknown buyer, and is now relisted as a $67K-per-month rental

New York /
Jul.July 21, 2020 03:15 PM
357 West 17th Street (Douglas Elliman)

357 West 17th Street (Douglas Elliman)

After more than four years on the market, an opulent West Chelsea mansion has finally sold at a steep discount.

The five-story townhouse at 357 West 17th Street came to market in late 2016 with an asking price of $36.8 million. At the time, the sellers, developers Girona Ventures and Wonder Works Construction, threw in a Bentley to sweeten the deal.

Though the luxurious home reportedly piqued Lady Gaga’s interest, it languished on the market until early March, when a buyer went into contract, weeks before the city shut down to slow the spread of Covid-19.

The sale closed for $14.99 million in early July, sources and documents confirm. That pencils out to $1,313 per square foot, a 41 percent drop from its original ask of $3,222. Public records were not available at press time and the identity of the buyer is unknown.

Douglas Elliman broker Lila Nejad, who represented the buyer, declined to comment. She has relisted the townhouse for rent, asking $67,500 a month.

Celebrity broker Ryan Serhant of Nest Seekers International represented the sellers. He took over marketing from Compass agents Alyssa Brody and Sabina Belkin in fall 2019 and relisted the townhouse for $17.99 million.

Serhant confirmed a luxury car was not part of the sale and said the deal was closed remotely.

Girona and Wonder Works bought the townhouse from industrial designer Karim Rashid for $9.35 million in 2014. With financing from Bank of the Ozarks, the developers renovated and rebuilt the property into a 11,420-square-foot megamansion.

Designed by Andres Escobar, the five-bedroom home is outfitted with an indoor pool, sauna, steam room, rooftop hot tub, movie theatre, elevator and a private drive-in garage on the ground floor.

By 2018, the developers consolidated their costs into a $12 million mortgage held by First Republic Bank, public records show. Girona and Wonder Works did not respond to requests for comment.

Write to Erin Hudson at [email protected]


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