Last year, Apollo Real Estate executive Richard Mack bought the building that formerly housed Spence-Chapin, for $23 million. He then renovated the Upper East Side 24,463 square foot space, including adding a three-story addition with a 60-foot penthouse and put it back on the market for $59 million. Shockingly, no one wanted to pay that much for the property, so its price was recently lowered.
NY Observer: The tag just came down to $49.95 million, according to Corcoran’s listing. Considering that no New York mansion has ever sold for more than $53 million (and remember that renovation costs at this triple-wide mansion may likely require well above $3.05 million), it’s still a hefty tab. And of course the new tag is still huge enough to qualify for The Observer‘s 10 biggest listings list.
Then again, because the mansion is so hilariously wide, Mr. Mack is only asking $2,041 per square foot; by comparison, the $90 million duplex at 15 Central Park West wants $15,332 per square foot.
Photo from NY Observer
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