Can't Buy the Townhouse You Wanted? Spend $5 M. More on One Two Doors Down

More than a year ago, the Pen and Brush was prepared to sell the historic gold coast townhouse it had occupied for nearly nine decades to the delectably mysterious Heirloom Trust for $13 million. The deal for 16 East 10th Street did not work itself out, apparently due to a few members of the intransigent arts and ladies organization. A fresh listing from Douglas Elliman notes, “SHOWINGS WILL BEGIN AGAIN ON MARCH 1, 2011. OWNER CAN NOW COMMIT TO DELIVERING THE PROPERTY VACANT WITH CLEARED TITLE AND A CERTIFICATE OF NON HARASSMENT IN PLACE.”

Not to worry for this unknown wealthy buyer, as the trust has picked up an even nicer townhouse two doors down. It just paid $19 million for 20 East 10th Street, according to city records. The seller is Clive Ng, a Malaysian-born media mogul, and his former model wife Farrah Summerford. They put the home on the market for $19.9 million in September 2009, and never budged (until they sold it).

By all accounts, the deal was a winner for everyone. The Pen and Brush may still be looking for a buyer, but with townhouses on the rebound, the nonprofit is asking $14.9 million for its former home.

Meanwhile, the trusty buyer had to pay ever so much more than he, she, they or it would have nearby, but this 25-foot-wide home is two years older (1846) if about 1,700 square feet smaller (6,800). It is quite the heirloom, too, as the home is getting only its fifth owner. What really justifies the expense is the extensive renovation undertaken in 2000, when Mr. Ng bought the home for a middling $5.03 million, which spares the buyer the expense of having to overhaul the subdivided Pen and Brush townhouse, which had served as artists studios for some time.

Given the mystery behind the Heirloom Trust, this may just be the perfect home, as described in Eileen Robert‘s Corcoran listing: “Among its many, many outstanding features, the house contains a 5 zone Carrier HVAC using Puron Technology; a phone system with 11 active lines and the capacity to add up to 250 more; 7 working wood burning fireplaces fitted with electrical exhaust fans and a Siedle Video Intercom System with 5 security cameras with on demand call-up and 24 hour time lapse recording which stores data for up to a month and/or it can burn the information on a disc. This monitoring system allows computer access from anywhere in the world.”


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mchaban [at] | @mc_nyo

Can't Buy the Townhouse You Wanted? Spend $5 M. More on One Two Doors Down