The luxury market—especially the townhouse market—ain’t what it used to be, which may explain why the current owners of the house at 436 West 20th Street in Chelsea have had such a tough time finding a buyer.
Recall that the multi-family house, constructed circa 1835, has been on and off the market for seven years now. It’s been on a price roller-coaster during that time, first listing in 2010 for $21 million, returning in 2012 for $19 million, and returning yet again in 2015 for $22.5 million. At the beginning of 2017, it was going for $19.75 million; now, it’s switched brokers (Compass has the listing now) and gotten a slight price chop, and is now asking $18.75 million.
It’s currently configured as five units, and at one point or another, those apartments have been rented by the likes of Courtney Love, Glenn Close, and Emma Stone and Andrew Garfield.
But as we’ve previously noted, celeb cachet isn’t enough to generate interest; though the brokerbabble says it could generate up to $600,000/year if a buyer rented those apartments (two of which are currently available to rent), there’s a pretty limited market for people who would want to be a landlord for this kind of building (or for people who’d want to convert it into a single-family mansion).
There’s also the undeniable fact that the house would need some work. The design is quirky and eclectic, but as we’ve seen time and time again, that doesn’t exactly help move this property. The particulars are the same as before: There’s central air, an enormous skylight, 13 (!) fireplaces, two balconies, an outdoor patio, and a roof deck.