Feb 20, 2008 6:35 pm US/Eastern
Manhattan Town House On Sale For $64M
NYC Premium Property Market Continues To Flourish
NEW YORK (CBS) ―
It's the $64 million question -- what price would you pay for a mansion in Manhattan? It may not be a palace, but a 30-room town house on the Upper East Side is going for royal prices.
If the 1,800 square foot, Henry T. Sloane Mansion on East 68th Street off Fifth Avenue fetches anywhere near that price, it would set a record for town houses.
The stately abode boasts limestone facades, 17-foot-high ceilings, a marble staircase, a rooftop garden, 17 bathrooms, and a wood-paneled ballroom with oil murals.
But even for the financially elite, $64 million seems quite high.
"$64 million? Wow, wow, that's a lot of money," said local resident Vanessa Usai.
Even real estate experts are impressed.
"Something like this is totally rare. It's totally scarce. There is no other building quite like this," said Paula Del Nunzio, a broker at Brown Harris Stevens.
With its seven fireplaces, intricate beau-arts finishes, original art work and 15 bedrooms, the Sloane Mansion would be the most expensive town house ever sold in Manhattan, beating out the 2006 sale of the $53 million Harkness Mansion on East 75th Street.
Del Nunzio, realtor to the mega-rich, was the broker on the $53 million deal and is heading the selling of the Sloane Mansion. She says the current asking price is more proof that the premium property market in Manhattan has never been stronger.
"A premium property is a scarce commodity that will always be valuable," said Del Nunzio. "It's utterly scarce and utterly valuable."
So if you have $64 million burning a hole in your pocket, and need a place to hang your hat, she's got a deal for you.
Real estate experts say it's been a record year for apartment sales in the Big Apple, but with the economy struggling, can that trend continue?
That's the question left to be answered.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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