Queen Sofía Spanish Institute Sells for $23 Million Discount

684 Park Avenue was originally listed on the market for $48 million

Perhaps a fresh coat of paint?

Perhaps a fresh coat of paint? Sotheby's International Realty

It was just last week that artist Abby Leigh offloaded her Upper East Side townhouse that was $20 million less than her original asking price. Now, the trend continues, as another Lenox Hill manse has sold for a $23 million discount.

The Queen Sofía Spanish Institute was first put on the market in October 2014, with a hefty $48 million price tag. The seven-story townhouse was designed by McKim, Mead & White as a private residence in 1926, and dubbed the Oliver D. and Mary Pyne Filley House in honor of its inhabitants. However, since 1965 the home has served as the flagship for the Queen Sofía Spanish Institute, “a center for cultural events, language classes, lectures, concerts and art exhibitions.”

What's next for 684 Park?

What’s next for 684 Park? Sotheby's International Realty

Apparently, the Institute decided it was time to downsize and perhaps make a move outside of Manhattan, and thus the 11,235-square-foot manse at 684 Park Avenue was put on the market. But for some reason or another, prospective buyers weren’t exactly leaping at the chance to purchase the home. Perhaps that’s because it will require a rather extensive renovation to bring it up to modern luxurious standards—and to revert it back to its original use as a single-family home.

Still, the townhouse oozes Old World appeal, like original hardwood floors, multiple fireplaces with carved mantelpieces and tall archways, as well as “soaring” high ceilings. The 26-foot-wide home also includes a parlor with three floor-to-ceiling windows, a walnut paneled library and a marble foyer, according to the listing held by Sotheby’s International Realty broker Serena Boardman.

Ah, wood paneling.

Ah, wood paneling. Sotheby's International Realty

The Upper East Side abode isn’t lacking outdoor space either—there’s a garden terrace and a roof deck overlooking Park Avenue. There’s also a “huge” elevator for when that marble staircase is simply too much.

Anyway, after two years of lingering on the market and a substantial price cut down to its most recent $29.5 million price tag, a buyer emerged! Sadly, said buyer chose the entirely uninformative 684 Park Avenue LLC to buy the home for $25 million, but hopefully the new owner’s lack of imagination in terms of limited liability company names isn’t reflective of their interior design vision.

Queen Sofía Spanish Institute Sells for $23 Million Discount