Size matters in real estate, but so does price.
The 30-foot wide townhouse at 128 East 73rd Street was touted as a “behemoth” and “exceptionally wide” when it hit the market in 2016 with a colossal $42 million asking price. But largesse did not win the day.
When the home finally sold earlier this month, the price was 64% percent lower — a mere $14.99 million, according to property records.
The seller is the estate of fashion mogul Josephine Chaus, the co-founder of women’s clothing company Bernard Chaus. She and her late husband bought the property in 1987. The buyer is an LLC tied to jewelry company David Yurman’s corporate office.
The prewar townhouse is a designated landmark. It was renovated by architect Peter Marino and includes an outdoor garden with a depth of 35 feet, two kitchens, grand living and dining rooms, and a gym, according to its StreetEasy listing.
It hit the market a few months after Josephine Chaus’ death in late 2015. Serena Boardman of Sotheby’s International Realty and Paula Del Nunzio of Brown Harris Stevens were the agents.
The price steadily dropped over the past three years from its lofty ask, first to $36.5 million, then to $24.5 million and eventually to $15.9 million. The house was taken temporarily off the market this summer.
Several bidders were vying for the townhouse, a source familiar with the transaction said, though the sale still closed at $900,000 below the final asking price.
Write to Erin Hudson at ekh@therealdeal.com