$35 Million Manhattan Townhouse Up For Auction

Manhattan's luxury real estate continues to be a bit precarious. The townhouse at 11 East 74th Street serves as an excellent example. The NY Observer tells the story of this 10,800-square-foot townhouse which will be auctioned off on May 14 with a minimum bid of $15 million. It sounds like a lot but this home was once listed for as much as $35 million. The home with a limestone facade has sixteen rooms with seven bedrooms. Other features include a grand staircase, elevator, three kitchens, rooftop deck, full-floor master suite and more.

The townhouse was bought in 2006 by a family of developers named the Rinzlers who paid $11,230,700. A year later they put it on the market for $35 million, slowly taking the price down million by million to $20.95 million last month. That should all end on May 14, when a new website, Bid on the City, puts the house up for sale. Potential bidders can register for the auction on May 5 and an open house is scheduled for May 4.