As entertainingly reported by the late, great Max Abelson (real estate reporters who move on to covering finance are dead to us), developer Charles Yassky purchased the 36-foot-wide red-brick mansion at 122 East 78th Street for $13.2 million in 2008. The previous owner had purchased the 1911 landmark for $8 million in 2006, PropertyShark tells us. Why did Yassky pay so much more? He saw the potential, and set about emptying the now carved-up building of its tenants. He then re-listed it for $18.9 million and later cut it to $16.9 million, pitching the property as ripe for conversion back to a single-family residence. It didn't sell, and the house was pulled from the market. It resurfaced last summer for $18.9 million, and a flurry of permits have been filed for the renovation work. The asking price was curiously hiked to $20 million in April, but forget everything you've read up to now, because the place just sold!
The sale price is $17.25 million, so Yassky didn't make out too bad even though it looked dicey for a while. The buyer is hidden behind an LLC, but the trustee that signed is Meredith Verona, whose father appears to run with developers the Olnick Organization. Another layer of intrigue!
The listing from Corcoran's Carrie Chiang is gone, but StreetEasy still has some fun facts up. Among them: The building is "replete with period details including splayed lintels, decorative stone foliate panels and cornices with modillions," and it's over 16,600 square feet?including the English basement but excluding the sub-cellar, of course!
· Presenting Manhattan’s Cheapest Mansion? Developer Yassky Chops East 78th Spread to $16.9 M. [NYO]
· Listing: 122 East 78th Street [StreetEasy]
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