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$25 Million Mansion is East 67th Street's Latest Fixer-Upper

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East 67th Street between Fifth Avenue and Madison Avenue is home to many of New York's most stunning and historic mansions, but the block is not frozen in time. Nope, big things are happening here, and soon construction workers will outnumber the monocle wearers. Bob Guccione's former home at 14-16 East 67th Street (which the late Penthouse publisher turned into a sleazed-up version of the Met's Greek and Roman Galleries, not that we're complaining) is being renovated by the hedge fund world's most colorful couple, Philip and Lisa Falcone, after they bought the place for $49 million. Across the street, artist Jeff Koons is combining 11 and 13 East 67th Street into one of Manhattan's largest single-family homes. And now 12 East 67th Street, right next to the Falcones' new digs, has hit the market for $25 million. It, too, needs some serious work.
The five-story, 27-foot-wide mansion is being listed by brokerage Massey Knakal, and the writeup gets into the history of the 10,500-square-foot building:

Constructed in 1879 for Anthony Mowbray in the Queen Anne style, the mansion’s façade was subsequently renovated in 1920 by James Gamble Rodgers to a Remnants of Regency Revival style for then owner Frank C. Munson. Additional renovations in the 1970s and thereafter have created a modern, light and airy layout with contemporary finishes.It's that '70s vibe that still stands out about the house?wait until you see the master bathroom!?and we're guessing a buyer will probably want to update the interiors. We've plucked photos from the listing and from the virtual tour of the house that Massey Knakal posted. Not seen is the swimming pool, which the listing also mentions. As for the house's current owner, PropertyShark records mention the estate of M. Michael Kulukundis. According to a September 2010 obituary in the New York Times, Kulukundis, who was 76 when he passed away, was a biggie in the Greek shipping community, and director of Rethymnis and Kulukundis Ltd. The family shipping business dates back to 1832, so this house was practically new-money-gauche to Big Mike. Could the Falcones snap this place up and go triple-wide on East 67th Street? They might be a bit short on cash, but that would certainly rattle the Upper East Side establishment.
· Listing: 12 East 67th Street [Massey Knakal]