Open bidding paid off in the sale of a Fifth Avenue townhouse that's seen better days. There was so much interest from international buyers unable to examine 815 Fifth Avenue in person as its closed bidding deadline neared in March that the seller decided to drop the deadline and put the Italianate mansion on the open market. That move paid off, as the building was recently sold for $32 million, or $7 million above its closed-bid asking price. The purchase comes at a time when buyers, particularly international ones, seem desperate for mansions in which to park their fortunes.
815 Fifth Avenue is not ready for move-in. It has been owned by the same person since the 1950s when it was purchased for $120K, according to The Wall Street Journal, and is currently a dozen separate apartments with two offices. The Italianate mansion built in 1870 isn't even much to look at in its current state. It was stripped of most of its exterior ornamentation in the 1920s, although there are still a good amount of interior details that would look good when and if the building is restored as a single family palace.
· Manhattan Townhouse tops Asking Price by 7 Million [WSJ]
· 815 Fifth Avenue [StreetEasy]
· 815 Fifth Avenue coverage [Curbed]