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Financier Leon Black To Turn $50M Gallery Into Personal Home

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Private equity guy Leon Black and Broadway producer wife Debra are poised to purchase the former embattled Knoedler & Company art gallery at 19 East 70th Street between Fifth and Madison avenues for some $50 million. The building's had an interesting history of late: following the eruption of the forgery scandal that brought down the 165-year-old art trading institution, the seven-story 1909 Italian Renaissance mansion appeared on the market in late 2009 for a stunning $59.5 million—the city's third priciest listing at the time. The 20,575-square-foot mansion took a $10 million pricechop in April 2010 and finally sold for $35 million to London-based developer Christian Candy in 2013. Candy proceeded to secure residential permits for the commercially-zoned building before putting it back on the market for $55 million. The Post reports that the mansion "needs more than $20 million worth of renovations." Talk about an investment. Perhaps the post-reno home will be befitting to display the couple's extensive art collection that includes one of four versions of Edvard Munch's "The Scream."

· Finance Guru Leon Black Buying $50M UES Townhouse [NYP]
· All 19 East 70th Street coverage [Curbed]