Introduction to Marcus Lemonis’ NYC Townhouse
Serial entrepreneur, investor and TV personality Marcus Lemonis and his wife, businesswoman Roberta “Bobbi” Fenchel, have just slashed the price of their Upper East Side townhouse — by $10 million.
The stunning new-construction home, at 34 E. 62nd St., is now on the market for $24.5 million, significantly down from its initial $35 million asking price last year.
The couple purchased the five-story, five-bedroom property for $18 million in 2021. At the time, the price was considered a steal, since it has been asking $32.5 million.
Marcus Lemonis.
The exterior is a stunner on its own, and it features a striking mansard roof.
The Reason Behind the Price Cut
“While I still believe in the New York City real estate market, it’s not lost on me that it’s going to take true perceived value for people to want to move on things,” Lemonis told Gimme Shelter. “We are now living in a different environment with the new mayor [elect]. From my perspective, I love being in the city. But I recognize that in this new market and with winter coming, you have to be more aggressive. It’s that simple.”
Lemonis, known for “The Profit,” now stars in “The Fixer,” his reality competition show on Fox — which, he said, will be back for a second season next year.
While Lemonis’ primary residence is now in Jacksonville, Florida, he isn’t leaving New York, and is now looking for smaller digs as the townhouse is “too big” for him and his wife.
History of the Townhouse
The property comes with quite the history. It was built from the ground up on the site of a historic townhouse that, in 1926, was owned by Vincent Astor — the super-wealthy spy whose dad, John Jacob Astor, built the St. Regis Hotel before he died on the Titanic.
During World War II, Vincent Astor turned his stately townhouse into a sort of club house for a spy group he founded that was known as “The Room.” Its members were Astor’s wealthy pals, men who gravitated to the same social circles, including Kermit Roosevelt and Nelson Doubleday, who would meet, drink and discuss state secrets at the house.
The large chef’s kitchen.
The dining room.
By 2006, the townhouse was owned by Nicholas Bartha, a suicidal doctor who blew himself — and the townhouse — up in the midst of a divorce; hence, his nickname: “Dr. Boom.”
The home was then purchased by Russian-born Janna Bullock who has been accused of funding her empire — from the French Alps to London, the Hamptons and the Upper East Side — with pilfered Russian state funds. (She denies the accusations). She sold the townhouse for $11.95 million in 2015.
Features of the Townhouse
The new home’s exterior features a limestone facade, bowed French windows and a slate mansard roof. Inside, the dwelling opens to a foyer with herringbone oak floors, and a glass and wood staircase.
There’s also a large chef’s kitchen, a custom-designed tile floor and a woodburning fireplace — along with French doors that open to an ivy-clad garden with a fire pit. This main floor also hosts a den with a bar.
Upstairs on the parlor level, a dining room overlooks 62nd Street. Design details include arched French windows and a butler’s pantry with a custom bar — along with a formal living room with coffered ceilings, a wet bar, another fireplace and custom cabinetry.
The third floor is currently configured as two large guest suites with spa-like baths, walk-in closets and a shared laundry room. The fourth floor boasts two more bedrooms with ensuite baths, a gas fireplace and a large walk-through closet with custom millwork.
A sculptural staircase connects the levels.
A den for informal gatherings.
One of the bedrooms on offer.
There’s plenty of storage space in this closet.
A spa-like bath retreat.
This bathroom boasts lovely stone touches.
Finally, the main bedroom takes up the entire fifth floor. It features a horizontal fireplace, a media center, grey oak floors, a large walk-through closet and an ensuite spa-like bath.
The rooftop is equally extravagant, with a gas fire pit, and plenty of space for dining and entertaining.
Downstairs, the basement level features a media/family room with built-in cabinetry, a separate glassed-in room for an office or gym, and a second laundry room. The smart-wired home also features radiant floors throughout.
Massive doors lead to the outdoor space.
The mighty fire pit.
There’s also a fire pit on the roof terrace.
Marcus Lemonis’ Outlook on the NYC Real Estate Market
And he remains bullish on New York — no matter who is in charge.
“I don’t think [Mamdani] has enough power to hurt the strength of New York City real estate. He’s just one guy who will ultimately be controlled by the city council and the governor’s office. He will not destroy the biggest economy and strongest real estate market,” Lemonis said.
However, he added: “I do think that the [real estate] market will become more competitive and there will be people who don’t want to be here. But I’m a smart enough business person to recognize the reality of the general macro environment. The US economy is not as good as we want it to be and there are hot topics around mortgage rates and unemployment. In this market, you have to be more competitive.”
While “a small subset of people may want to leave New York City,” Lemonis said the market is still strong.
“What a mistake to leave because of one guy!” he said. “New York is a great place to be. It’s the center of everything — the finance, art, theater and shopping capital of the world! If you walk on Fifth Avenue on a Saturday, or if you visit any part of the city, it’s busy. Restaurants are still packed. Why should we run away because there’s a socialist for mayor? He won’t be here forever and he doesn’t have the ability to impact the strength of New York real estate.”
The listing broker is Adam Modlin, of the Modlin Group.
Conclusion
In conclusion, Marcus Lemonis’ decision to cut the price of his NYC townhouse by $10 million is a strategic move to attract potential buyers in a competitive market. The townhouse, with its rich history and luxurious features, is a unique gem in the Upper East Side. Despite the challenges in the current real estate market, Lemonis remains optimistic about the strength of New York City’s economy and real estate market.
FAQs
Q: What is the current price of Marcus Lemonis’ NYC townhouse?
A: The current price of the townhouse is $24.5 million, down from its initial $35 million asking price.
Q: Why did Marcus Lemonis cut the price of his townhouse?
A: Lemonis cut the price to make the property more competitive in the current market and to attract potential buyers.
Q: What are some of the notable features of the townhouse?
A: The townhouse features a limestone facade, bowed French windows, a slate mansard roof, a large chef’s kitchen, a custom-designed tile floor, and a woodburning fireplace, among other luxurious amenities.
Q: Who is the listing broker for the townhouse?
A: The listing broker is Adam Modlin, of the Modlin Group.
Q: What is Marcus Lemonis’ outlook on the NYC real estate market?
A: Lemonis remains bullish on New York City’s real estate market, despite the challenges in the current market. He believes that the market will continue to be strong and that the city will remain a desirable place to live and invest.
