Foreigner Gets Ridiculously Good Deal on Tribeca Property

 

Monday, November 9, 2009, by Sara

Just when it looked like some high-end properties were selling without gigundo PriceChops, we get word that 105-107 Reade Street, a 16,822-square-foot Tribeca mansion that was on the market as recently as April for $14.5 million, has sold to a foreign investor for $10.075 million. For those who don't feel like getting out the old abacus, that's $599 per square foot. The five-story building -- which was in financial distress, according to a brokerage press release -- was built in 1860 and has a restaurant, Pierino, on the ground floor. The building went on the market for $20 million and failed to sell in 2008. For the moment, the new owner will occupy the property. We admit it: we're jealous.