Call it real estate’s version of “Pygmalion” — taking a former parking garage on the Upper East Side festooned with signs such as “park” and “$7.60 per hour” and transforming it into a tony townhouse.
The elegant, Beaux Arts, five-level garage at 177 East 73rd Street is for sale for $42.5 million and would give the owner the space to build a 40-foot-wide home from scratch.
Design firm The Renovated Home is working on plans to create a 17,200-square-foot home with an eight-car garage, basketball court, home theater and high ceilings, the New York Post reported.
There are only 14 similarly-sized mansions in the Upper East Side, and building costs would tally about $9 million, the tabloid reported.
Paula Del Nunzio of Brown Harris Stevens now has the listing, but in May last year it was Sotheby’s International Realty’s Nikki Field. At that time, the owners were asking for $50 million. [NYP] — Dusica Sue Malesevic
Source: The Real Deal