ADCO Group bought an Upper East Side townhouse from artist Abby Leigh for $20.4 million, almost half the original asking price.
The Midtown East-based development firm recently closed on the purchase of the townhouse at 49 East 68th Street, according to property records filed with the city Monday.
The sale price of $20.4 million, or $1,632 per-square-foot, is a steep discount from Leigh’s original asking price. The property, which spans 12,500 square feet, was first listed for $38 million in March 2015. The price was slashed three times, and it went under contract in September when its listing price was $26.5 million.
A representative for the developer was not immediately available to comment.
Abby Leigh bought the home with her composer husband Mitch Leigh for $1 million in 1999. The townhouse has a landscaped roof terrace, an elevator from the basement to the roof and an interior half basketball court, according to StreetEasy. Steven Cohen of the Corcoran Group [TRDataCustom] had the listing, and was not immediately available to comment.
Mitch Leigh — who is famous for the musical “Man of La Mancha”– died in 2014. Abby Leigh picked up an Upper West Side duplex at 455 Central Park West for $8 million last year. Leigh could not be reached for comment.
New York City’s luxury residential market has been lagging lately, but there has been some recent good news about the over-$10 million market. Last week saw 10 contracts signed at $10 million and above, the highest total of the year, according to the weekly market report from Olshan Realty.