Still think the luxury market is holding up? Physically perhaps, but we have concerns for its sanity. The massive townhouse (7 floors, 10BRs) at 1016 Madison Avenue, currently home to the Arader Gallery, first hit the market via Sotheby's in March 2006 at a price of $39 million. At just $3,250 for each of its 12,000 square feet, what a bargain that would have been! But a buyer never materialized at the 79th Street mansion, and the price kept creeping upward. According to StreetEasy, four huge price increases brought the price to $58 million, until the listing was pulled last October. Now, one year later, 1016 Madison Avenue is back...at an asking price of $75 million. The new listing, which is identical to the old one, says the property is a "great investment opportunity," and it is, as long as you can pay for it with money laundered from the stolen Nazi art trade.
· Listing: 1016 Madison Avenue [Sotheby's]