Unprecedented Townhouse Opportunity. For the first time in history, these magnificent twin townhouses located at 175 and 177 East 78 Street are both available for sale. Rich in history and built circa 1870, these two colonial-style red brick sister houses are contiguous, providing the rare opportunity to purchase individually or to seamlessly combine into an incredible 37-foot-wide show-stopping property. Each home is delivered vacant and transfers with unused air rights, thus allowing for 6 stories to be built from the ground up in this non-landmarked district. Located on a beautiful tree-lined block, 177 East 78 Street was first inhabited in 1871 by hardware merchant Augustus T Chur at the end of the Civil War. The wealthy widow Mrs. Mary Sheehan lived in the single house for a number of years until the real estate firm Lowenfeld & Prager purchased both 177 and 175 East 78 Street in 1902. Miraculously, the two homes have remained bonded under single ownership ever since. In the early 20th Century, C. S. Falker purchased the homes and housed several burgeoning artists, including Rudolph Dirks and Henri de Mance. By 1918 the sister townhouses became home to John R MacArthur, the renowned "Millionaire Treasurer" and one of the largest general contracting firms in the world. Most notably, in September of 1946, the two buildings became home to the great American writer and Nobel Prize winner John Steinbeck, author of Grapes of Wrath, Of Mice and Men, to name a few. Together with his wife, they lived and owned both homes until 1948. The homes have been enjoyed by the current owners for the past fifty-five years. Elegantly set off the street, each of these stately homes stands 4 stories high and both have been tastefully renovated to provide 4 bedrooms, 4 bathrooms, each with idyllic landscaped back yards, hardwood floors, finished basements, and one elevator located in 177 East 78th. With top-of-the-line Bosch and SubZero stainless-steel appliances, these homes offer the convenience of modern finishes while also highlighting their exquisite pre-war charm and details, such as imported European tiles, wood-burning fireplaces and multiple skylights emanating light throughout. The first floors feature large eat-in kitchens and a huge living room/ dining room with oversized bay windows that lead outside to a beautiful backyard with over 2, 000 sqft of combined outdoor space. The Parlor floors in both homes offer an expansive formal living room and library with light streaming in from both North and South through the floor-to-ceiling French doors with cast-iron balconies opening onto 78th Street. The top two floors feature a total of 4 gracious bedrooms, each with its own tastefully renovated bathrooms and large closets. The huge master suites are outfitted with an enormous dressing room and marble master bathrooms. The finished basements include a powder room, brand new media room/gym, storage rooms, cedar closet, as well as 2 full laundry rooms complete with large sinks and brand-new Electrolux washer and dryers. For your convenience, there is a full-service garage directly across the street. These houses are located in the ideal upper eastside location with easy access to public transportation and the best markets and shops. There are approximately 8, 411 of additional unused Air Rights between the two properties.
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William Raveis Mortgage, LLC
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Sarah.Alvarez@Raveis.com
NMLS Mortgage Loan Originator ID 1880936
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $12,720,000 | $12,720,000 | $12,720,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.125% | 6.875% | 6.500% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.430% | 6.977% | 6.664% |
Monthly Tax Payment | N/A | N/A | N/A |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $77,288 | $83,561 | $110,805 |
Total Monthly Payment | $77,413 | $83,686 | $110,930 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan.
** Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable rate mortgages [if applicable], are subject to change without prior notice.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.