News | August 22, 2011

Haute Estate: Larry Gagosian Buys $36.5 Million Manhattan Townhouse

News | August 22, 2011

By Alison Agudo

Art dealer and gallery owner Larry Gagosian just closed on a 20,000-square-foot townhouse located at 4 E. 75^th Street in Manhattan for $36.5 million.

Gagosian purchased the home from private equity titan J. Christipher Flowers. It is reported that Gagosian got a great deal on the Upper East Side home, paying $16.5 million less than Flowers originally bought it for back in 2006.

Flowers is in the midst of divorce proceedings that have been ongoing for years but reports are indicating that he didn’t sell the home because he needed the money. He has already put in millions of dollars renovating the interior of the mansion, however Gagosian is expected to put down a few more million to continue the renovations.

The home has seen an impressive list of owners including Flowers and now Gagosian who join the ranks of Jacqui Safra, who, with his girlfriend Jean Doumanian, used to produce Woody Allen movies.

Source: New York Post