Hedge Funder Sells UES Townhouse For Record $80M: Reports

UPPER EAST SIDE, NY — An Upper East Side property set a record for the most expensive residential townhouse sold in New York City this week when it changed hands for $80 million, according to reports.

Hedge Funder Philip Falcone offloaded the double-wide home at 14-16 E. 67th St., located between Fifth and Madison avenues, for nearly twice he paid for it in 2008, the Wall Street Journal first reported. In the years since buying the home, Falcone has put millions into renovations that have added 30,000 square feet to the property, according to the report.

Falcone may not be done cashing in on Upper East Side property. The financier is selling another property in the neighborhood for $29.5 million, the Wall Street Journal reported. The home at 14-16 E. 67th Street was never formally listed, but had been marketed privately by the luxury real estate agent Adam Modlin, according to reports.

Former residents of the East 67th Street home include 19th century business tycoon Jeremiah Millbank and Penthouse Magazine founder Bob Guccione. Falcone bought the home in 2008 for $49 million, according to city finance records.

The $80 million sale is far greater than the previous record for a residential townhouse which was set in 2006 when the Harkness mansion on East 75th Street sold for $53 million. The 2018 sale of the Wildenstein Mansion for $90 million doesn't hold the record because the building is not used for residential purposes.

Read the full Wall Street Journal article here.