Price on "one of the most exceptional homes" in the EV drops $3 million in four years

Many people I know say that Seventh Street between Avenue C and Avenue D is their favorite block ... a lot of character here...



And given the many million-dollar homes on the block (the former synagogue, the Flowerbox) it's probably a favorite for real-estate agents too...maybe.

I've been keeping my eye on one property in particular: 243 E. Seventh St., a three-family townhouse. This week, the price was marked down 17 percent, from $3.5 million to $2.9 million.



According to the listing at Brown Harris Stevens:

AN OPPORTUNITY FOR A LOT OF HOUSE! Spacious three family Townhouse delivered vacant, built on/about 1899. This four story, 25-foot by 44-foot (plus generous extensions) house sits on a 98-foot deep lot. Many original details are intact, like the sweeping staircase, entry foyer, beamed ceilings and fireplaces. The kitchen and baths have been renovated, down to heated marble bath floors! The feel of this house is very airy and open, loft like. The garden is extraordinarily private and serene a high fence enclosed the garden where a grand old tree presides.

The lower floor (with a separate entry under the stoop) has a laundry area, building mechanics, storage room, plus space for media room and gym. The double parlor main floor has high ceilings, renovated kitchen, dining room, garden access and a full windowed bath. The master bedroom floor above can be left grand or divided into whatever suits your needs. There is a large deck as well. The third floor is a terrific apartment unto itself with a kitchen if need. Otherwise would make an addition bedroom floor, there is a full bath as well.

This house is on one of the best and most beautiful blocks in the East Village, East 7th Street between Avenue C and D. Annual taxes are shy of $3,000.

Lovely, yes, right? But I'm curious how lovely. This house seems to have a long recent history. As Streeteasy notes, Corcoran listed the house at $5.9 million in April 2006. And Corcoran's listing was slightly different:

One of the most exceptional homes you'll see anywhere in the East Village, or in Manhattan for that matter. Built in 1899, 4 stories, 25' x 44' with a 22' extension on a 98' lot. Sunny & loft-like. Renovated with integrity, retaining original details and charm. Over 5,200 square feet. With a 32' planted country garden - a deck and hammock and giant Chinese Empress tree - the rear of the house feels like a bird sanctuary and resembles a large Italian villa. Walled buildings on either side guarantee privacy. The Firemen's Garden to the north insures an open view, perhaps forever. Huge double-parlor floor with dining room. On the lower level, a laundry room and enough space for work, storage, a playroom, gym or studio. Full-floor master bedroom suite with terrace, heated marble floors in the bath. More storage than you can imagine, fireplaces, exposed beams, high ceilings and an original stained glass and carved wood entry door. All this on one of the East Village's best blocks, beautiful homes surround. A rare opportunity! Yes, the East Village has arrived!

So let's check out the sales history here the last four years courtesy of Streeteasy:

4/13/2006
Listed by Corcoran at $5.9 million.

8/31/2006
Listing is no longer available.

9/13/2006
Re-listed by Corcoran.

11/14/2006
Listing is no longer available.

1/10/2007
Re-listed by Corcoran.

1/10/2007
Price decreased by 15 percent to $4.995 million.

4/23/2007
Price decreased by 20 percent to $3.995 million.

3/20/2008
Listing is no longer available.

5/15/2008
Listing entered contract.

8/27/2008
Listing sold.

1/7/2010
Currently Listed by Brown Harris Stevens at $3.5 million.

3/6/2010
Decreased by 17 percent to $2.9 million.

So the price has dropped $3 million in four years. Any takers?

Which reminds me that I haven't seen the documentary "7th Street" since it debuted back in 2003. The director, Josh Pais, moved on Seventh Street between Avenue C and D in 1967...