If Jeffrey Epstein’s Manhattan townhouse goes on the market, it could sell for $75 million — far more than the just under $56 million that was declared in his will, a townhouse expert tells The Post.
Sales broker Richard Steinberg of Douglas Elliman says its size and location would boost its pricing to in excess of $60 million or $70 million, or more.
But there is a catch: “It will be a difficult house to sell,” Steinberg added. “If you separate out what is alleged to have gone on, it is easily a $75 million house. But I don’t know what the ‘E’ factor will be,” Steinberg said of Epstein’s alleged underage trysts.
Jeffrey Epstein died by suicide while awaiting trial on sex-trafficking charges, says person briefed on the matter. (New York State Sex Offender Registry via AP)
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The 50-foot-wide townhouse at 9 E. 71st St. sits on the north side of the block between Fifth and Madison avenues. City records show it has plenty of elbow room at 18,814 square feet across six floors, plus a basement. It runs 90 feet long, nearly the full length of its 102-foot lot, but has no garden, which could be a turnoff for some families.
The home also tops out at 120 feet while towering over its neighbors to the north and east — including Howard Lutnick of Cantor Fitzgerald, who bought the adjacent, smaller townhouse owned by Victoria Secret parent L Brands, where Epstein previously lived.
This photo shows the Manhattan residence of Jeffrey Epstein in New York. (AP Photo/Bebeto Matthews)
Adam Modlin of the Modlin Group, who just sold 14-16 E. 67th St. for a city record of $77 million, said, “You can count on one hand the number of townhouses that are 50-foot-plus wide. This is one of the most prestigious blocks in New York City and many factors need to be analyzed to equate the value of the house.”
Another broker who has been inside said that without a garden, and being dark and dated, it will need a $1,000- to $2,000-a-square-foot renovation, and “aside from the pedigree that is terrible,” could sell for around $50 million.
Trees grow in front of Jeffrey Epstein’s home in the Manhattan borough of New York City, New York. (Reuters)
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It does have a beautiful façade with three gargoyles, terraces, a huge skylight and a roof that was previously used for outdoor space when it was the Birch Wathen school.
Steinberg says townhouses are judged by both their closeness to Fifth Avenue and their width. “And he has both. Fifty feet wide is unheard of on a park block,” Steinberg observed.
It also appears Epstein’s attorneys didn’t have the townhouse appraised, but merely used the exact number of the “market value” from this year’s city tax notice: $55.931 million.
But the “market value history” shows that its value plunged from a high of $77.478 million in 2017 and dropped to $75.016 million a year ago.
At the same time, the city’s quirky property tax regime boosted the tax from $327,497 in 2017 to $347,021 this fiscal year, due to slight changes in both the billable taxable value and property tax rates.
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Steinberg concurred that the luxury townhome market has dropped roughly 20% to 30% over the last two years. Still, demand is there for the right property, he says.
Steinberg recently sold three homes for over $50 million each and has one in “mint condition” at 12 E. 63rd St. on the market now for $67 million.
Possible buyers include diplomats but not consulates or charities, as no business is allowed on the block. Some families may simply hold their noses and pay up for the large space.
“If it goes on the market it will sell quickly,” Steinberg said of Epstein’s mansion. “The key will be pricing.”
This story originally appeared in the New York Post.
SOURCE : https://www.foxnews.com/real-estate/jeffrey-epstein-nyc-mansion-sell