Big Apple’s Hot Market!

Big Apple’s Hot Market!

Big Apple's Hot Market!

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This year a flood of ultra expensive mansions has been hitting the market across the country. In most locations, even though few are selling, New York City’s high end properties are being noticed by international buyers, now in competition, to grab their chunk of the Big Apple, regardless of cost and actually driving selling prices higher. Many of these new listings are snapped up within two or three days of their listing date. One such property entering a bidding war between interested international buyers is one of the original single family townhouses at 815 Fifth Avenue.

Originally built in 1870 as a pair of townhouses, this structure was an opulent 6-story Italianate single family home designed by Samuel A. Warner, facing Central Park. The mansion is located in the coveted East Side section of the Avenue and needs total restoration to return to its original elegance. According to the listing agent and an article in the Wall Street Journal, the four interested buyers, said to be a Russian, a Chinese, a Brazilian and an American, have offered sealed bids which are expected to result in a selling price of up to $40m even though the structure was first listed at $25m.

The original mansion has gone through many changes such as being stripped of its ornate facade in the 1920s and being turned into apartments and commercial space by its current owner who purchased it in the early 1950s for $120k. He has lived on one floor of the building since that time enjoying the income from its rentals. Many interior features have been preserved, giving the winning bidder a leg up on future restoration such as the original fireplace mantels, an elaborate wooden banister, oval ceilings and detailed moldings. The 1870 front stoop, Juliet balconies and cornices on the exterior can be restored and increased value can be added by including a rooftop garden.

We can’t wait to discover the outcome!

Source: www.elliman.com