Half of an Upper East Side Townhouse Sells for $45 Million

Posted on: October 16, 2015

Source: The Wall Street Journal
Author: Candace Taylor

A four-floor unit in the under-construction Manhattan condominium 33 East 74th Street is in contract for $45 million, according to developer Daniel E. Straus.
Measuring about 10,000 square feet, the unit comprises the first four floors of a century-old townhouse known as the Atterbury Mansion. The mansion is part of an assemblage of nine adjacent buildings that make up the 10-unit condominium: The landmarked facades of the buildings were restored, but the insides were gutted and are being combined. Construction is slated to be completed in the first quarter of 2016, Mr. Straus said.

Half of an Upper East Side Townhouse Sells for 45 Million

According to Katherine Gauthier of Douglas Elliman Real Estate, who represented the seller with colleague Lauren Muss, the unit was slated to have five bedrooms, but the buyers are planning to build out the interiors themselves.

Mr. Straus said he purchased the buildings five years ago from the Whitney Museum of American Art for about $92 million. Initially he put the Atterbury Mansion on the market unrenovated for $38 million. Then, “we realized there was this demand for these large condo homes on the Upper East Side.” He decided to take the townhouse off the market and divide it into two units connected to the rest of the development.

While construction has been challenging, “the market has proven our strategy is correct,” Mr. Straus said. The other Atterbury unit, which encompasses the top three floors, went into contract for $32 million last winter, Ms. Gauthier said.