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Union Square Coffee Shop Owner Chops Townhouse Price

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The townhouse at 11 Gramercy Park South has been on the market since May of last year, when its owners, model-turned-Union Square Coffee Shop owner Carolyn Benitez and music producer Jellybean Benitez, listed it for $25 million. Unsurprisingly, that price was chopped to $22 million in October and has now been cut again, to $18 million. (There's a new broker on the listing, too.) The $25 million original ask might have been more rational if the place hadn't needed a lot of work to achieve single-family mansion glory?as "meticulously maintained" as the brokerbabble claims the 1856 house to be, it's actually three apartments, an owner's triplex and two upper-floor duplexes. (And one of those duplexes has a rent-controlled tenant.) Will it go for $18 million? Since Jellybean's owned the place since 1992, he'll probably be fine either way.

· Listing: 11 Gramercy Park South [Elliman via StreetEasy]
· 11 Gramercy Park coverage [Curbed]