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UES Townhouse Foreclosed, Loses Half Its Value in Three Years

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It's been a strange three years for 1110 Park Avenue, the former home of abstract painter Judith Rothschild. Back in 2007 the house sold for $15 million. Then the downhill slide began. Nearly a year ago, the place hit the market as an $18,000/month rental, and then, failing to find a tenant or a stash of cash under the couch cushions, it went into foreclosure, where a buyer put it out of its misery for a whopping $500. The new owner took another stab at finding some warm bodies to fill the place, this time asking $9.45 million. That price was right...almost. Buyers picked up the property for $8.75 million in a sale recorded late yesterday, one that we're presuming was an all-cash transaction given the tight timeline on the documents. The signature on the deed belongs to one Nicole Salmasi, who may have been looking for a place to stash her $700,000 diamond necklace.
· Sale: 1110 Park Avenue [ACRIS]
· 1110 Park Avenue coverage [Curbed]

1110 Park Avenue

1110 Park Avenue, New York, NY

1110 Park Avenue

1110 Park Avenue, New York, NY