Buyers in the market for 17,000 square feet of Fifth Avenue apartment should start getting their financial records in order because the late Huguette Clark's many (42!) rooms will soon be up for sale. It was initially estimated that the three apartments could fetch as much as $100 million depending on their configuration. Clark inherited both 8th floor apartments and a third apartment on the 12th floor at 907 Fifth Avenue when her mother died, but rarely visited them and instead left them as the exclusive residence of her doll collection. The ultimate value of the three apartments depends on the co-op boards' decision on whether the 8th floor apartments may be combined or not, but brokers are downgrading their expectations even before the properties come to market.
According to an item in today's Post, the initial appraisal of the apartments' values may have been sharply reduced. Brokers told the Post that the 8th floor apartments "could fetch a total between $20 million and $35 million." Three months ago, other unnamed brokers quoted in The Real Deal estimated that those two apartments would sell for $40-$48 million ($25-$30 million for the north-facing 8th floor apartment and $15-18 million for the other). That's some serious pricechopping before the properties are even listed. Maybe doll living is harder on the finishes than one would expect. The top (12th) floor apartment is expected to ask $20-25 million.
· It’s a ‘Hugue’ place [NYP]
· NYC's Most Mysterious Home [TRD]
· Huguette Clark coverage [CurbedNY]
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