The restaurant business is notoriously difficult, famous for its grueling hours, flighty clientele and gruesome failure rate. Flipping a Manhattan townhouse, on the other hand, is supposed to be easier than flipping a burger.
But things are not always as they seem, as celebrity chef Emeril Lagasse recently discovered. The bam bam man just sold his Gerogian style townhouse at 158 East 61st Street for a disappointing $11.5 million, the same price he paid for the 6,900 square-foot manse back in 2009, according to city records. Apparently, houses are not as amenable to branding as lines of cookware and specialty spices. 318311
