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Historic Upper East Side mansion sells for nearly half its asking price

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The Park Avenue home of the Queen Sofía Spanish Institute was listed at $48 million

Update, 11/15/16: After going into contract in March, the sale of the Queen Sofia Spanish Institute finally closed this week—and according to the Observer, the nonprofit actually fetched even less than originally predicted. The grand old building sold for $25 million to an unknown buyer—shielded by the thoroughly uncreative name 684 Park Avenue LLC—which is a full $23 million less than its original ask. And so the luxury downturn continues.

The Park Avenue townhouse that was once home to the Queen Sofía Spanish Institute hit the market in 2014, after the 60-year-old nonprofit decided to sell its headquarters. At the time, the neo-Federal home, designed by McKim, Mead & White, was asking a whopping $48 million; but according to the latest Olshan Luxury Market Report, the home entered contract last week for $29.5 million. Even though it was still the priciest sale of the week, that's a pretty substantial decrease from the original ask.

It is a rather lovely house: measuring more than 15,000 square feet, the mansion features "much of its original grandeur and magnificent architectural details," per the listing. That includes a marble foyer and staircase, a working fireplace with the original molding, hardwood floors, and a gorgeous library. But all of that loveliness wasn't, apparently, enough to entice a buyer for nearly $50 million.

Queen Sofia Spanish Institute

684 Park Ave, New York, NY 10065