A few peculiar things stick out about the five-story, five-bedroom townhouse at 155 Lexington Avenue. For one, its slim 15' frame is wedged between commercial and multi-family buildings on a strip lacking similar private residences. Oh, and then there's the matter of the fifth floor, which was added without Department of Buildings permission. But construction shenanigans and odd location aside, it's pretty much your standard 4,900-square-foot townhouse that was snapped up by a developer, renovated, and put back on the market...as a "distressed sale!". OK, so maybe it's been an unconventional path for 155 Lexington Avenue, but at least that path has come to an end.
After first hitting the market for $5.49 million, the price fell to $4.6 million, then to $4 million (while taking a $40,000-per-month rental detour). Now, Crain's reports that troubled 155 Lexington Avenue has finally sold for 30% off its original asking price, $3.85 million, which is like paying $7,700 for each of the wine storage spaces in the 500-bottle cellar, but with a house attached! Good Bordeaux parking is just so hard to find these days. BCN Development paid $2.8 million for the building, so flip through the post-renovation gallery and judge for yourself if they made any money.
· Lex Ave. townhouse in odd location fetches $3.9M [Crain's]
· Listing: 155 Lexington Avenue [StreetEasy/CORE]
· It Happened One Weekend: Happy Days Here Again, Naughty Floorplan Porn [Curbed]