No One Wants It: Jeffrey Epstein s New York City Townhouse Undergoes $23M Price Cut
No One Wants It: Jeffrey Epstein s New York City Townhouse Undergoes $23M Price Cut
The price of sex offender Jeffrey Epstein s former New York City mansion was cut by millions of dollars. Will anyone snap it up?
Clare Trapasso, provided by
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Jeffrey
Epstein s real estate.
The convicted criminal s grand, 28,000-square-foot townhouse in Manhattan s tony Upper East Side has undergone a $23 million price cut, sources told the Wall Street Journal.
The seven-story, French Neoclassic mansion was originally listed for $88 million in July. The price has since been reduced by about 26%, to a still hefty $65 million.
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Judging by the last quarter of 2020, New York s luxury real estate market should enter 2021 with confidence.
Sales of homes that cost more than $4 million were a little above those of the same three months in 2019, says Donna Olshan, president of luxury real estate broker Olshan Realty. Now, some of that has to do with demand that was never met, because we lost the most important quarter the spring, she says.
But the tick upward is also, she says, because most of these sales are [to] New Yorkers, or from the New York metro area, betting on the home team. They are getting covid-19 discounts, they re looking at the long-term prospects of New York, and they re buying.
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There was a 31 percent decline in contracts signed for properties above $4 million compared to last year. (iStock)
Donna Olshan isn’t mincing words when it comes to the state of Manhattan’s luxury residential market in 2020.
“I just consider 2020 a year you can throw out,”Olshan said. “It’s a garbage year.”
It’s a sentiment that rings true on multiple levels, and in the context of Manhattan properties priced above $4 million which Olshan has tracked since 2005 in a weekly report the numbers are irrefutable.
According to her latest report, which looks at the year as a whole, there was a 31 percent decline in signed contracts in 2020 compared to last year.