Waterfall Mansion Tops Manhattan’s Luxury Market

After a period of financial woes, an Upper East Side townhouse known for its indoor waterfall has found a new buyer.

The former carriage house at 170 East 80th Street, last asking just under $18 million, was the most expensive home in Manhattan to snag a signed contract last week, according to Olshan Realty’s weekly report.

The five-story property was once home to an art gallery, which featured works by Picasso, Chagall and Warhol, and events for brands like Fendi, Gucci and Rolls Royce. The townhouse’s former owner Katie Shin paid $8.5 million for the space in 2008 and spent another $20 million on renovations before opening the gallery in 2014.

After the onset of the pandemic sent art sales plummeting, Shin struggled to keep her business afloat, prompting her to lay off staff members and move into the townhouse full-time. Commercial mortgage lender ACRES sued Shin in 2021 over missed loan payments. Her outstanding balance at the time totaled $22 million, including interest and late fees.

Earlier this year, Shin signed the deed to the property over to the lender to avoid foreclosure. The townhouse was valued at $34.4 million at the time.

The home has drifted on and off the market since 2015, when Shin listed it for $39 million. Its latest stint on the market began in January, this time with a $22 million asking price.

The 22-foot-wide townhouse spans 11,000 square feet and has six bedrooms, six bathrooms and two terraces. It also features a roof garden and an elevator.

Leslie J. Garfield’s Lydia Rosengarten had the listing.

The second priciest home to land an inked deal was a penthouse at 170 East End Avenue, with an asking price just under $17 million. The 5,000-square-foot condo has five bedrooms, six bathrooms and 5,000 square feet of outdoor space, including a terrace and rooftop. PH2B last traded for $11.2 million in June 2010.

Amenities in the 96-unit building developed by Skyline Developers include a concierge, garage, fitness center squash court and landscaped courtyard.

Douglas Elliman’s Barbara Russo had the listing.

Last week, 23 homes in the borough asking $4 million or more entered contract, including 15 condos, four co-ops and four townhouses. The total was down from 30 properties in the previous period.

The homes’ combined asking price was $194 million, which works out to an average price of $8.4 million and a median of $5.8 million. The typical home spent 402 days on the market and received a 14 percent discount.