A group of investors couldn’t make the dream condo conversion fit at the late Gloria Vanderbilt’s former Upper East Side mansion, instead selling it for $32.2 million.
The investors sold the property at 39 East 72nd Street to a buyer hidden behind an LLC, the New York Post reported. Ilan Bracha and Haim Binstock’s B+B Capital teamed up with Daniel Minkowitz’s Mink Development to buy the home for $19 million in 2014.
They had a goal of converting the mansion into three luxury condominiums, for which they secured a construction loan of nearly $17 million from Madison Realty Capital. But Madison Realty in 2020 claimed the investors defaulted on the construction loan, failing to repay the balance of the mortgage.
(Corcoran)
Madison Realty then attempted to foreclose on the property before the onset of the coronavirus pandemic halted foreclosure proceedings, sparing the investors.
The 18,000-square-foot home includes 11 bedrooms, 11 bathrooms, four powder rooms and 1,500 square feet of outdoor space. It was sold as three separate condos, but could be converted back into a single-family mansion.
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Carrie Chiang of Corcoran was the listing broker for the property.
Vanderbilt spent the earliest part of her life living in the home before moving to Paris with her mother in 1924, according to the Post. Vanderbilt died at the age of 95 in 2019.
This isn’t the only former property tied to Vanderbilt to make the news lately. Last year, the artist and fashion designer’s former Manhattan home at 30 Beekman Place sold after only a month on the market, last asking for $1.1 million. Vanderbilt lived at the apartment from 1997 until her death two decades later.
During work on the Upper East Side project, Bracha hopped on board with the Corcoran Group, bringing himself and five members of his real estate group, IB Global, to the brokerage firm’s East Side office. The move came a year after Bracha sold Keller Williams NYC, which he co-founded with Binstock in 2011.
[NYP] — Holden Walter-Warner