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It's Getting a Lot Cheaper to Build a Park Avenue Dream House

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"Back on Market!" begins the new listing for the penthouse co-op at 630 Park Avenue, built in 1916, but there's some serious backstory to that. Originally configured as a 4BR/5BA megaspread but now billed as "raw space," the penthouse first hit the market for a wowzers $17 million way back in 2006, according to StreetEasy. That price fell to $12.5 million, but the listing was pulled in late 2007. It resurfaced last year at a more post-Lehman sensitive $8.5 million, but still no go. Now it's back, for $6.5 million, just your typical 62% drop from the original price.

The listing is enticing?"create the home of your dreams," "the possibilities now are endless"?but even more attractive is the wraparound terrace action. The original floorplan is below. Though it's raw space, it looks far from being a wreck, which would have been especially sad given the $7,287 in monthly maintenance someone has been paying while the place has been empty. Priced right this time around?

· Listing: 630 Park Avenue [Warburg]

630 Park Avenue

630 Park Avenue, New York, NY