A historic Manhattan townhouse with ties to the Gilded Age has seen its asking price plummet nearly 40 percent since it was first listed, highlighting challenges in New York City’s luxury real estate market. The residence at 973 Fifth Avenue, one of the few remaining intact Stanford White-designed mansions, was initially listed at $80 million in 2021. After multiple price reductions, it is currently under contract at $49.9 million.
Why It Matters
The drastic price drop reflects broader trends in Manhattan’s high-end real estate market, where luxury properties have struggled to sell amid shifting buyer demand and economic uncertainty. According to the Olshan Luxury Market Report, only 17 contracts were signed for properties priced at $4 million and above in Manhattan during the week of February 17–23, marking the lowest volume for President’s Day week since 2016.
As an architectural rarity, 973 Fifth Avenue presents both a unique historical value and an example of how even ultra-luxury homes are not immune to market pressures.
What To Know
Originally built in 1910, the 25-foot-wide limestone mansion was designed by Stanford White of the renowned McKim, Mead & White architectural firm. It spans 16,000 square feet across seven levels and boasts 11 bedrooms, multiple kitchens, a rooftop terrace and panoramic views of Central Park.
Will Ellis/DDReps for Corcoran
Following a multi-year restoration, the property was positioned as a grand single-family residence but also marketed for potential use as an embassy or cultural institution, as noted on Realtor.com.
The price history reflects the challenges of finding a buyer for such a distinctive property. The home was purchased for $42 million in 2012 before being relisted for $80 million in 2021.
It was later reduced to $72.5 million, then $65 million, $58 million and finally $49.9 million before reportedly going under contract. Realtor.com estimates its value at around $47 million based on tax assessments and comparable properties.
Will Ellis/DDReps for Corcoran
Manhattan’s luxury real estate sector has faced headwinds from high interest rates, global economic uncertainty, and shifting preferences among ultra-high-net-worth buyers. The average price per square foot for Manhattan townhouses has declined, with many high-end properties lingering on the market for extended periods before finding buyers.
According to the latest Olshan Realty report, townhouses in the $4 million and above range are taking an average of 837 days to sell, indicating persistent softness in this segment.
What People Are Saying
Corcoran pointed Newsweek to a statement from Carrie Chiang, the property’s primary listing agent: “973 Fifth Avenue is not just an address—it’s a statement of timeless elegance and ambition. Every corner, every detail tells a story of unparalleled luxury, where history and modernity intertwine. It creates an unforgettable experience for those who are fortunate enough to call it home.”
What’s Next
If the current sale closes at $49.9 million, it will represent a significant loss from the original asking price but a modest gain over the $42 million purchase price from 2012. The transaction will be a key marker for New York’s luxury market, signaling whether deep discounts are needed to move high-value properties in the current climate.
With luxury market sales showing signs of volatility, the fate of 973 Fifth Avenue may influence pricing strategies for similar historic properties in Manhattan. Whether this storied mansion will retain its grandeur under new ownership remains to be seen.