Purpose-built Upper East Side, NYC Beaux Arts garage reduced in price by 41%; it will still cost around £40 million to buy and turn into a vast single family residence
Purpose built in 1906 to house the cars of wealthy (but not quite so wealthy enough to have their own carriage houses) Upper Eastsiders, 177 – 179 East 73rd Street in New York is a five-storey Beaux Arts structure that is described as “unusually sophisticated”.
Reduced from a completely unrealistic £39.8 million ($50 million, €47 million or درهم183.6 million) when first marketed in 2015 to £23.5 million ($29.5 million, €27.7 million or درهم108.4 million) today, estimates put the cost of converting the building to a single townhouse at upto £15.9 million ($20 million, €18.8 million or درهم73.5 million).
Featuring a granite and limestone façade, 177 – 179 East 73rd Street has ceiling heights that range from 12’7” to 17’, is 40’ wide and provides 17,232 square foot of internal space. Though plans have been drawn up to turn it into a vast 8-beroom residence complete with a 8-car garage, basketball court and home cinema, rival agent Jed Garfield of Leslie J. Garfield, told The Real Deal: “I think it’s still overpriced. The only surprising thing is that they’re now willing to sell it at [closer to] market price” late last week.
The building – which remains in use as a UES garage – is listed by Carrie Chiang of Corcoran and is described as “just waiting to undergo a metamorphosis in the hands of a discerning buyer”.
Image shows 177 – 179 East 73rd Street in 1906, 2017 and a rendering as a single family residence (left to right).