More than three years after it first came on the market, the China Institute’s former Upper East Side headquarters is still looking for a buyer. This sprawling five-story townhouse first came on the market in March 2014 for $32 million. Now the 12,000-square-foot mansion is on the market for $24.88 million, it’s biggest price cut yet.
The townhouse first took a price cut earlier this year when it came on the market for $29.5 million. At that time, it was prepping to host the Kips Bay Decorator Show House, which it did in May with architects like Robert A.M. Stern and Kristen Kelli designing rooms within the house.
All that attention does not seem to have helped it find a buyer, but now maybe this lower ask will. Some of the standout features of the mansion include the 12-foot-tall ceilings, the six fireplaces, and most notably, the expansive Suzhou-style garden inspired by the gardens from the late Ming Dynasty.
The townhouse was designed by architect Charles A. Platt for Columbia University physician Dr. Frederick S. Lee, in 1905. It was then owned by magazine magnate Henry Luce, who in 1944, decided to give it to the China Institute in honor of his father who had been a missionary in China, according to the brokerbabble. The China Institute decamped to a larger space on Rector Street in 2014, and has been looking for a buyer for the townhouse since.