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Most Expensive house in Manhattan resells for a loss at $36.5 million

Andrea Divirgilio / August 19, 2011

Manhattan's Harkness Mansion

Real Estate segment which has taken some hits in the recent past, includes the Upper East mansion on 80th street, which had to take a huge cut in its rent, due to the non-availability of tenants with such deep pockets to pay for the house. The next mansion which has met with a similar line of devaluation, is the ‘Harkness’ Mansion at 75th Street in East Side, which was recently sold to art connoisseur Larry Gagosian (pictured above) with a $16.5 million discount on the original listed price.

Located in the prime Upper East Side area of Manhattan, this mansion is 50 feet wide house which is a pretty large space, considering the poshness of the area. On the multiple floors, which have been redecorated by the previous owner J. Christopher Flowers, lie the mansions living area, main kitchen, and multiple bedrooms amongst others. With a total of 20,000 sq ft of living space, this house is a sprawling piece of real estate with multiple benefits of luxurious facilities and prime location to boast of. But due to the shaken real estate market and the personal turmoil that Mr. Flowers is going through, the house has been sold to Mr. Gagosian with a sizeable $16.5 million discount.

Larry Gagosian’s HarknessMansion

Looking back in time, this mansion had some known figures at its owners, and made news for the size of deals while exchanging hands among the parties. Jacqui Safra was a famous producer of Woody Allen movies, who cohabited the mansion with his girlfriend, before selling to Mr. Flowers for a record $ 53 million who also spent $ 4million additionally to do up the insides of the house. But due to the ill-fated condition of the market and Mr. Flowers, Mr. Larry will now be enjoying the comforts of the palace, and must be thanking to his luck for the deal he just got.

Via: NY Post/ Curbed

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