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If a Starchitect Designed This Facade, Is it Worth $24.5 Million?

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It looks like 870 Park Avenue, a 1974 townhouse with a Robert A.M. Stern-designed facade, has had some trouble figuring out how much it costs. Current owner Benny Shabtai paid $8.2 million for it in 2000 and listed it in early 2008 for $33 million. Then chopped it to $26.75 million, $19.95 million, and $17.5 million. Now, it appears, Shabtai's mind is made up, because he's brought in the closer, Dolly Lenz, and slapped the house with a $24.5 million price tag. Given that the last sale price is from 2000, the increase doesn't actually seem as bonkers as it could be: the house does include a rentable professional space, a Bobby A.M.-designed glass brick wall in the dining room, a gas fireplace in the master bath, a four-person elevator, and approved plans for a roof garden with a gazebo and hot tub. Then again, some folks will have hard a time getting past that facade.

· Listing: 870 Park Avenue [Elliman]
· Tuesday Townhouse archive [Curbed]