Luxury developer Harry Macklowe has recently reduced the asking price of his East Hampton mansion by $5.5 million to $32.5 million, but it still lacks a valid certificate of occupancy. Buyers would be unable to move in, as the existing certificate is outdated and doesn't match the current conditions of the house due to unpermitted renovations. This situation has rendered the property not just expensive, but also unlivable.
The current listing broker indicated that while the home technically has a C of O, it is from 1987, and renovations have been made since without proper permits. This creates a significant issue for potential buyers, as they would need to first obtain a new certificate before they could occupy the property, leading to considerable time and expense.
Brokers and insiders suggest the home is realistically worth between $10 million and $15 million, a stark contrast to the current listing price of $32.5 million. Adding to the complications surrounding the property are allegations of damage to the wetlands caused during renovations, which further diminishes its value and the prospect of a successful sale.
Macklowe's financial troubles are public; he owes an astonishing $89.5 million to a lender and an additional $46 million to another, raising questions about whether selling the East Hampton home could indeed provide the financial relief he hopes for, given its current unlivable status.
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