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Troubled Chelsea Townhouse, Once $22M, Sells for $15.5M

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The townhouse at 150 West 15th Street has traveled a long road, but, at last, the journey has come to an end: the home sold Friday for $15.5 million. That price, according to the Journal, is a Chelsea record, and one deserving of applause considering the house had to work to get there. For one thing, it didn't even start off as a house. The owner, broker-developer Daren Herzberg, bought the property for $3.71 million in 2006 with a plan to turn it into a seven-story, four-unit condo. (One of the units was a penthouse with a private rooftop pool.) But the credit crunch stopped the project in its tracks, and tangles with debt holders followed.

Finally, Herzberg and other Corcoran brokers decided to convert the building into an extra-large single-family mansion: six bedrooms, 10 bathrooms, and 8,400 square feet. The place was priced at $22 million initially, but much choppage followed. Ultimately, the team brought in designer Eric Cohler, who took the redesign a step further than is traditional by moving into the place himself. He ended up staying for two years, but his residence has come to an end. Here's the floorplan he's leaving behind:

And here's the townhouse rendered as a four-unit luxury development back in 2008:

· From Four Condos to One House [WSJ]
· 150 West 15th Street coverage [Curbed]

150 West 15th Street

150 West 15th Street, New York, NY