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The $75 Million Fixer-Upper Makes its Debut

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Martin Zweig's $70 million penthouse in the Pierre? Peanuts! Manhattan's most expensive listing is now the 45-foot-wide townhouse at 22 East 71st Street (at Madison Avenue), which hit the market through Sotheby's on Saturday for $75 million. Josh Barbanel spilled the details in yesterday's Times, and the 22,000-sqaure-foot 1920s house is currently home to the Salander-O'Reilly Galleries, which is giving up its lease on the property due to a dash of bankruptcy and a pinch of fraud. The building's owner is Aby Rosen, who paid only $15.65 million for it on 2004. The current record price paid for a Manhattan mansion is the $53 million dished out for the Harkness Mansion by J. Christopher Flower. It will be fun to see how much 22 East 71st Street goes for (our guess: $62 million), but the final price won't tell the complete story. The upper floors have been used for years as offices, so the building "needs a bit of work." But what's another one or two million once the checkbook is out?
· Listing: Spectacular Limestone Mansion [Sotheby's]
· A Gain for the Luxury Market [NYT]

The Pierre – A Taj Hotel

2 E 61st St, New York, NY 10065