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Real Estate - What Under $20 Million Buys in NYC

edited March 7 in Other Investing
The Corcoran Group Australian writer and director Baz Luhrmann and his wife and creative partner Catherine Martin are listing their New York home, a 19th-century townhouse with a bold, colorful interior, for $19.995 million. The 28-foot-wide Gramercy area property dates to the 1850s and has views over Stuyvesant Square, one of the city’s oldest parks. Anglo-Italianate in style, the house has stately proportions, with four rows of round-arched windows, a paneled cornice and a patterned cast-iron balcony that runs the width of the house. Mr. Luhrmann, director of films including “The Great Gatsby”and “Moulin Rouge,”and Ms. Martin, a costume designer and his frequent collaborator, purchased the property for their family for $13.5 million in 2017 and completed a multiyear renovation project. New Yorkers for over a decade …

They had planned to live there full-time, but the pandemic threw a wrench in the works, keeping them on the Gold Coast of Australia, where they have been their two children have reached around college age and the couple is on the verge of becoming empty-nesters. “We just thought, ‘This is ridiculous.’”Ms. Martin said of their decision to list the home. “The house has been empty for nearly three years. And somebody should be enjoying it. But it’s breaking our hearts.”It isn’t the first time the couple, who have a passion for historic homes, have been reluctant to sell a piece of real estate even long after it was practical.


Excerpted from: The Wall Street Journal - March 4, 2022

Article: “Baz Luhrmann to List Manhattan Townhouse for $19.995 Million” by Katherine Clarke

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Comments

  • Listing: https://streeteasy.com/sale/1588857

    Checking prices for houses on the market in the neighborhood (there are seven), shows its price per sq ft ($2,352) to be at the high end. Others are: $1748, $1665, $1999, $2117, $1234, and $1,372. Still, you get 8500 sq ft. But it doesn't seem to include keys to Gramercy Park.

    One could pay 90% of the price ($18M) and get a condo in the same neighborhood that has only half the space (4207 sq ft). Now doesn't that make the $20M townhouse sound like a bargain?:-)
    https://streeteasy.com/building/18-gramercy-park/10
  • And you guys are always saying how expensive SF is...
  • There is actually a decent amount of reasonably priced real estate in NY compared to the flashy homes that catch the press' attention. The reasonability comes from the alternative of having the money investing in the stock market.
  • edited March 26
    Sounds like it’s getting easy to make money in this racket. Anybody flippin?

    “Tommy Hilfiger Gets $50 Million for Aspen Ski Home”

    “In Aspen’s booming luxury market, fashion designer Tommy Hilfiger has sold a slopeside mansion for $50 million, roughly three months after buying it for nearly $31 million. The ski-in, ski-out home traded in an off-market deal that closed Tuesday … Mr. Hilfiger and his wife, Dee Ocleppo Hilfiger, bought the Aspen Mountain property in December. … Built in 2003, the house is about 7,150 square feet with four bedrooms. It is located on the Little Nell ski trail on Aspen Mountain.”

    The Wall Street Journal - March 25, 2022
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