NEW YORK, NY - Elizabeth Ann Stribling-Kivlan of Stribling & Associates was quoted in an article on The Real Deal titled Manhattan's Townhouse Market is Cooling Fast The article starts,
In 2007, Charles Murphy, a current partner at billionaire John Paulson’s hedge fund, Paulson & Co., bought a turn-of-the-century limestone mansion off Fifth Avenue from Seagram heir Matthew Bronfman. Murphy paid $33 million for the pad, which was a record price for a New York mansion less than 26 feet wide at the time. Then, in 2016, he put the property back on the market for $49.5 million, evidently envisioning a windfall.
But the home at 7 East 67th Street didn’t sell — even after listing broker Carrie Chiang of the Corcoran Group slashed the price by more than $10 million. Murphy pulled the listing, but the townhouse reappeared last month with a further discounted price of $36.5 million. Assuming the hedge funder can find a buyer for that amount, factoring in broker and attorney fees, he will hardly clear the sum he paid a decade ago.
Elizabeth Ann Stribling-Kivlan is quoted as a luxury real estate specialist:
“You’re seeing townhouses languishing,” said Elizabeth Ann Stribling-Kivlan of Stribling & Associates. “The townhouse used to be the ultimate trophy and status symbol, but the prices aren’t as extraordinarily high as they were in the past.”
To read the full text, please visit therealdeal.com/issues_articles/manhattans-townhouse-market-is-cooling-fast.