Lavish Sutton Place Mansion Slashes Price in Half to $10.9M

You may remember the beautiful-yet-extravagant townhouse at 13 Sutton Place that a group of investors bought last summer for $7.8 million, and then immediately put back on the market for a whopping $19.95 million. Well, here's a shocker: No one bit at that price (which would have netted its sellers, Jason Silverstein and David Shorenstein of Silvershore Properties and real estate investor Norman P. Rappaport, a staggering $12 million profit), and it's now back on the market for significantly less. The five-story mansion was listed last week for $10.9 million—a relative bargain, assuming you've got that kind of cash to throw around. According to the listing, the home has marble fireplaces, original wainscoting, and wrought-iron railings; the photos (new ones!) also show updated fixtures throughout, a sleek white-and-chrome kitchen, and the semi-private garden, which the homeowner would share with other Sutton Place residents.

· 13 Sutton Place [StreetEasy]
· Investors Aim for $12M Profit on House Purchased Last Month [Curbed]
· All Pricechopper Coverage [Curbed]