clock menu more-arrow no yes

Filed under:

Former Soros townhouse on the Upper East Side sells at $12M loss

New, 12 comments

The townhouse was initially listed for $33 million

The onetime townhouse of Susan Soros Weber, a palatial and copper-clad Upper East Side spread, has finally sold after two years on the market. The Wall Street Journal reports that the property at 116 East 70th Street was offloaded for $19 million, $12 million less than its owner paid for it two yeas ago and $14 million less than it was relisted for (h/t The Real Deal). It might not be far-fetched to say that the property’s new owner, real estate investor David Edelstein, got a good deal.

Susan Soros Weber sold the townhouse for $31 million to an anonymous LLC in 2014. The home then came back on the market in 2015 seeking $33 million. Buyers weren’t biting; the price got chopped to $28 million. The house was re-listed for $27 million in February, then in May the house reappeared for a mere $22 million. Jed Garfield of Leslie J. Garfield & Co, one of the agents repping the seller, told the Journal that the sale is more evidence of a slowdown in the high-end of the Manhattan sales market.

The 5,700-square-foot home comes with five bedrooms, four full- and four half-baths, two terraces, a 26-foot deep garden, a glass-domed breakfast room, and the opportunity to rub shoulders with seminal Manhattanite (by way of Brooklyn) Woody Allen, who lives next door at 118. The townhouse underwent a thorough renovation between 2006 and 2010. It’s unclear if Edelstein will take up residence in the property, or use it as an investment property. A word of caution: that didn’t work out so hot for its last owner.

116 East 70th Street

116 East 70th Street, New York, NY 10021