If there was any doubt that the New York City real estate market is out of control, chew on this: a Tribeca townhouse that sold for $3.885 million in 2001 is about to close for $15.9 million (h/t tipster). To say it another way, that's $12.015 million, or 309-percent more, than it sold for 14 years ago. That it would sell for nearly as much isn't terribly surprising when taken on its own; the strongly mediocre townhouse at 148 Reade Street entered the market asking $18 million in June of 2014 and flaunting its redesign by Gagosian Gallery and Warhol Museum architect Richard Gluckman. Yes, it comes with a curb cut and garage. Yes, it's also in Tribeca, which has had quiet a renaissance since 2001. But really, this is one to harp on.
· Listing: 148 Reade Street [StreetEasy]
· Reade Street Manse Designed By Museum Architect Asks $18M [Curbed]