The Real DealOctober 19, 2012After trading hands in an anonymous $25 million deal early this month, the buyer of the Upper East Side’s Rothschild mansion has been revealed. According to the New York Post, steel magnate Leroy Schecter, 85, was the buyer and he is already planning a multimillion–dollar renovation of the building to convert it back into a single-family residence.
The property, which is located at 41 E 70th Street, between Park and Madison avenues, had sat on the market for seven years and changed its asking prices many times. Its most recent owner was the Century Foundation, a think tank that analyzes U.S. public policy.
Brown Harris Stevens’ Paula Del Nunzio, represented the seller in the deal for the six-story, 11,300-square-foot townhouse. Emily Beare of Core represented Schecter.
Its price was then lowered for its former $35 million asking price three different times over the last two years, until it reached its $25.5 million. Finally the property closed for an even $25 million.
The home was orginally built for Walter and Carola Warburg-Rothschild in 1929, and boasts two 33 foot deep gardens facing one another, according to Brown Harris Stevens’ listing.
Schechter is also the man behind a $95 million listing at 15 CPW. Schechter is combining his two units on the 35th floor of the building, for which he paid a combined $18.9 million. If his units at 15 CPW sell at that ask, it would be a record for the building. That listing is with Emily Beare of Core. [NYP] – Christopher Cameron