The 2007 purchase of 4-8 East 94th Street, the former home of the Spence-Chapin adoption agency, for $23 million probably seemed like a good deal to investment honcho Richard Mack. Get a Landmarks permit to replace the least appealing part of the building with a penthouse, stick it back on the market for $59 million, done. Enter the recession. The price fell to $42 million, then to $35 million, and then the listing played peek-a-boo with the market for while. Finally, just last month, Mack told the Observer he would move into the house until a buyer came along. And maybe he's decided he really likes the place, because if finding a buyer has been hard at $35 million, it will be even harder at the house's new, 34 percent higher price of $47 million. "Currently," says the brokerbabble, "most of the demolition work has been completed in preparation for the building's metamorphosis." That metamorphosis will eventually look something like these floorplans. Just add $47 million!
· Listing: 4-8 East 94th Street [Corcoran]
· 4-8 East 94th Street [StreetEasy]