Bill Cosby has secured a buyer for his Upper East Side townhouse, a move that could prevent foreclosure on the property. The 88-year-old actor’s mansion at 18 East 71st Street was listed for $29 million and was the highest-priced Manhattan property to go into contract last week, according to a report from Olshan Realty.
The limestone mansion, which spans 13,000 square feet, was put on the market in September as Cosby sought to sell before his lender, First Foundation Bank, foreclosed. The bank began proceedings about nine months ago after alleging Cosby defaulted on a $17.5 million loan and owed over $300,000 in property taxes.
Cosby and his wife Camille purchased the six-story home—known as the Luyster Mansion—in 1987 for $6.3 million. Built in 1899, it includes six bedrooms, nine bathrooms, an elevator, and a rooftop terrace of 500 square feet. Adam Schneider of Corcoran represented the listing.
The second most expensive deal signed last week was for a penthouse at 895 Park Avenue with an asking price of $21.5 million. This triplex apartment covers three floors and entered the market in March with an initial price just under $30 million. It measures 6,900 square feet and contains four bedrooms, six bathrooms, a library, staff rooms, three fireplaces, and several terraces. The unit last sold for $15 million in 2009 and underwent renovations over two years starting in 2010. John Burger of Brown Harris Stevens managed the listing.
Notably, the Park Avenue building is also known for a penthouse once owned by composer Leonard Bernstein. In 1970 Bernstein and his wife Felicia hosted an event there for the Black Panther Party that became the subject of Tom Wolfe’s writing for New York Magazine.
Of the total 30 properties entering contract at $4 million or more last week in Manhattan—up from 25 during the previous period—19 were condominiums, seven were co-ops, and four were townhouses. Collectively these homes had a combined asking price of $246 million. The average asking price was $8.2 million with a median of $6.1 million; most spent nearly two years on the market and saw discounts averaging ten percent from their original listing prices.
