Marisa Noel Brown’s Madoff-Tainted Townhouse Gets A Deal: $9.75 M.

marisa noel brown1 Marisa Noel Browns Madoff Tainted Townhouse Gets A Deal: $9.75 M.“The five Noel women have made a name for themselves by shoring up the virtues of a nearly extinct aristocracy,” said a 2002 Vanity Fair piece on Fairfield Greenwich Group founder Walter Noel’s pristine daughters. “They’re well educated and well married, and they’re raising a pack of well-behaved, multi-lingual children while keeping their string-bikini figures intact … with not a divorce or scandale among them.” The scene was a lawn party thrown for youngest sister Marisa, who was about to marry Matthew Brown.

Afterward, he became a managing director at Fairfield; last January the couple paid $13.5 million for the 20-foot-wide townhouse at 12 East 78th Street.

In May, they filed plans with the Department of Buildings to spend millions on a renovation, turning the house into what the family’s architect described as a place with “appropriate Upper East Side character.” But then the multibillion-dollar Fairfield Greenwich Group, the biggest feeder to Bernard Madoff’s Ponzi scheme, was destroyed by the titanic scandal. In January, a family spokesperson denied that there were plans to sell the new townhouse; in April, that spokesperson conceded that the house was about to be listed; and, in May, the townhouse came on the market with two top brokerages.

A few weeks later, according to the listing, the house is in contract to sell. A source close to Ms. Noel Brown said the contract price is $9.75 million, which means that the couple will lose at least $3.75 million on the house, although a full renovation would have cost a lot as well. “So many others have lost so much more that it wasn’t appropriate to go forward with a big renovation project at this time,” the source said.

“When you’re dealing with these things, it’s not smart,” another source said earlier this year. “Do the Noels need a massive project while they’re in the middle of this? Does Charles Murphy need this stuff? Does anyone need this stuff?”

mabelson@observer.com

Article continues below
More from Politics
Queens Congresswoman Grace Meng and Bronx Assemblyman Michael Blake at the Democratic National Committee meeting in Atlanta.
NYC Congresswoman and Assemblyman Score DNC Vice Chairmanships