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Convertible Sutton Place Townhouse Tries Out Some Lofts

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The house at 232 East 50th Street first hit the market in 2006 for $3.5 million, as a five-unit building with four rent-stabilized tenants. Fast forward four years, and the building's been gut renovated into five "loft-like" units with fancy finishes and asking prices between $1.4 million and $2.9 million. All have terraces, the ground floor unit has a 735-square-foot garden, and the penthouse has sole rooftop access. Or take a trip back in time and buy the whole building for $8.8 million. Don't wanna be a landlord? No worries, says the listing: just forget about that recent gut renovation and convert the building to a single-family mansion! There aren't many interior photos, but the building listing does show the layout of the units. Think these will sell, or is a return to single-family mansionhood in this building's future?

· 232 East 50th Street [StreetEasy]