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Is $14.9M Townhouse Sale the Death of the Upper East Side?

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Healthcare mogul and Tibetan art collector Donald Rubin and his wife Shelley purchased their townhouse at 122 East 70th Street (right) for $5.05 million in 2005. Ready to resell in 2009, they initially listed the place for $20.2 million. Then they struck fear into the hearts of Upper East Side brokers and fellow sellers by chopping the price a full 25 percent, to $14.9 million. The house is now in contract, and brokers tell the Journal they're a little annoyed at what this will do to pricing in the neighborhood. Like at the homes on East 70th and East 71st streets currently asking $27 million and $28.8 million, where the sellers might need to lower their expectations. And this is how to make selling a townhouse for a more than $9 million profit look like a failure.
· Townhouse Price Cut Hits Ritzy Neighborhood [WSJ]
· 122 East 70th Street [StreetEasy]