Newswire Residential

Distressed UES Townhouse Sells at Auction for $25 Million

51 East 73rd Street

Rosewood Realty Group has brokered the $25 million sale of a distressed mega mixed-use UES townhouse with a rich history that was rumored to be formerly owned by Grace Kelly and also Harry Belafonte.

Rosewood’s Greg Corbin and Shaun Rose represented the undisclosed “estate” seller of 51-53 East 73rd Street that sold at auction in a Chapter 11 bankruptcy sale.

The five-story, 12,321 sq. ft. landmarked townhouse is comprised of 13 free market apartments plus five offices. It also comes with 2,000 sq. ft. of usable air rights to create a 14,321 square foot mega-mansion with 35 feet of frontage.
The buyer, Chai 73 LLC, plans to convert the property into a single family mansion, according to Corbin.

51-53 East 73rd Street has a rich history, and was rumored to be the former mansion of celebrities that included Harry Belafonte and Grace Kelly. Originally built between 1885-1886 by John G. Prague, a renowned architect/developer of the Upper East Side, the building was constructed in the Queen Anne style as four-story and basement residences. In 1945, the two residences were combined, and the basement and first-floor facades were converted to a rich orange brick.

Situated on East 73rd Street between Park and Madison, the property is located in a coveted pocket of the Lenox Hill neighborhood on the Upper East Side. This block, which has been noted by the New York Times as “one of the most distinctive in New York” is located on a quiet tree lined street just 1.5 blocks to Central Park. It is one block north of Madison Avenue’s Gold Coast, with high end Madison retail extending into the 80’s.

“51-53 East 73rd Street presented a rare opportunity to build out a 14,000 square foot mega mansion from a blank canvas,” said Corbin who added that “finding a 35 foot wide townhouse on the Upper East Side’s gold coast is a rarity.”

“In addition to the vast internal space, the property features a large backyard and the ability to create a spacious rooftop oasis,” added Rose. “Alternatively the air rights can be used to add a penthouse with a set-back or a ground floor horizontal enlargement (living room or other) with sunlight from three exposures.”