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Preppy East Village townhouse of Kate Spade founder gets discounted

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The charming townhouse on a lovely block has gotten a 25 percent price cut

The so-called "Kate Spade House"—the owner is one of the founders of the brand — has gotten a pretty significant price chop, reports The Real Deal. Back in June, the appropriately preppy East Village townhouse was going for $16 million, but as of this week, the asking price has been knocked down to $12 million—a full 25 percent off the initial listing.

The "elegant and grand" 9-bedroom abode still has all its many charming features: high ceilings, a stellar location on a gorgeous block, a separate first-floor apartment, and a private garden, among other grand and elegant perks. If the 15-room, 5,000-square-foot home strikes you as just a little bit too small, take comfort: the house also comes with additional 5,000 square feet of FAR, allowing you to theoretically double the size of the place.

But while the selling price has dropped, the astronomical rental price has not. Those interested in a more temporary situation can still rent the place for a staggering $40,000 a month. As we’ve noted before, that’s a pretty startling change from 2011, when the house was renting for half that—a comparatively reasonable $18,500 monthly.