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Upper East Side Art Gallery Building Sells at $28.5 Million Off

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When it first hit the market on Christmas Eve 2009 asking $59.5 million, the Knoedler Gallery at 19 East 70th Street was the third most expensive for-sale property in the city. By April 2010, that asking price had fallen to only $49 million. You do hate to see that. But the building's shame didn't end there. The 30-foot-wide, 20,575-square-foot property has finally sold, the Journal reports...for only $31 million. A near miss for the PriceChopper Hall of Fame. The unnamed buyers are reportedly a couple who want to turn the place into the single-family mansion it once was, an effort that could take another $6 million. Which, if this place had couches, could probably be found under the cushions.
· Art on Move After Sale [WSJ]
· 19 East 70th Street coverage [Curbed]