Developer Michael Marvisi's gamble at 153 Franklin Street hasn't exactly paid off. He spent $6.79 million on the townhouse?best-known as the temporary $60,000/month home of Dominique Strauss-Kahn?in 2008. He then paid more than $4 million to give the place a Leopoldo Rosati makeover and put the house back on the market for $14.995 million in late 2009. The PriceChopper has spent even more time at the place than DSK, and today the Journal notes the latest price cut at the property, to $11.995 million. The broker attributes the choppage to the specificity of the renovation. That hasn't been a problem for the developer's other Rosati-designed project nearby at 55 Warren.
· Strauss-Kahn House Reduced Again [WSJ]
· 153 Franklin Street coverage [Curbed]