Kate Spade co-founder’s preppy East Village townhouse gets a hefty price cut

The price chops continue at 215 East 12th Street, the appropriately preppy East Village townhouse owned by one of the founders of Kate Spade. The house first hit the market in the summer of 2016 for $16 million, then was listed a few months later on the rental market for $40,000 per month. By last October, the home had undergone a 25 percent price cut to $12 million—and now it’s back (and co-listed with Sotheby’s and Sloane Square) for $9.95 million.

Perhaps the third, much lower price tag will be the charm? The 25-foot-wide, nine-bedroom townhouse is quite impressive, with plenty of period details intact. Over 5,000 square feet you’ll find high ceilings—13 feet tall on the parlor level—a curving staircase, elaborate moldings, ceiling medallions, and fireplaces.

It’s all decorated in refined decor appropriate to Kate Spade, of course—and there’s new staging that’s slightly more muted than previous attempts.

There’s a separate first-floor apartment, plus an additional 5,000 square feet of FAR that would allow a buyer to double the size of the townhouse. The listing comes with the interesting suggestion to “enjoy the Royal Tenenbaum lifestyle or develop into a one-of-a-kind mansion.”

The $40,000/month rental listing for the property, which was deemed high for a townhouse between Third and Second avenues, has been pulled.

• Listing: 215 East 12th Street [Sotheby’s]