Notable sale: I.M. Pei’s Sutton Place townhouse in New York City sells above asking price for US$8,600,000
The all-cash offer was accepted after multiple bids from international buyers and at a US$600,000 premium, a fitting tribute to Mr. Pei’s indelible imprint on the residence
New York, New York (September 15, 2021) — Christie’s International Real Estate is proud to announce the sale of the Sutton Place townhouse of I.M. Pei, one of the world’s most celebrated architects. Mr. Pei’s keen eye can be seen in his extensive rebuild of the residence, including a stunning spiral staircase with a geometric skylight and walls of glass framing the bucolic private park and the East River, Queensboro Bridge and Roosevelt Island beyond. With his wife, Eileen, Mr. Pei acquired the property in 1972, raised his three children and lived here until his death in May of 2019 at the age of 102.
The property was represented by Edward Joseph of the New York City brokerage of Christie’s International Real Estate. The name of the buyer was not disclosed.
Upon being listed in late October of 2019, the property immediately received multiple offers, both domestic and international. Three months later, the pandemic hit, and global commerce essentially paused. In May of 2020, the property was temporarily taken off the market. Introduction of the vaccines resulted in renewed activity in the New York City real estate market. The property was reintroduced for sale in September of 2020 and went under contract in June of 2021, again with multiple offers from around the world.
Said Mr. Joseph: “The sale of this visionary home has been one of the most significant closings in New York City this year. Its provenance is beyond compare. We are delighted to have facilitated the sale to its next steward, who fully appreciates that this property is true a piece of art.”
Mr. Pei, whose legacy spans the globe, designed some of the world’s most memorable landmarks. His accomplishments include The Louvre Pyramid in Paris, the John F. Kennedy Presidential Library and Museum in Boston, Bank of China Tower in Hong Kong, the Museum of Islamic Art in Qatar and the Rock & Roll Hall of Fame in Cleveland, Ohio. Mr. Pei made his reputation by creating buildings intersecting art, history and culture. In 1983, he won the Pritzker Prize, the highest honor bestowed on a living architect; the jury citation stated that he “has given this century some of its most beautiful interior spaces and exterior forms.”
Christie’s, the world’s leading art auction house, sold the collection of Eileen and I.M. Pei in sales that took place in New York, Paris and Hong Kong, with results exceeding US$25,000,000.
About Christie’s International Real Estate
Christie’s International Real Estate has successfully marketed high-value real estate around the world for more than 30 years. Through its New York City brokerage and invitation-only Affiliate network spanning 49 countries and territories, Christie’s International Real Estate offers incomparable services to a global clientele at the luxury end of the residential property market. The company has offices in London, New York City, Hong Kong, Los Angeles, and Palm Beach, and its affiliated brokerages have recorded approximately US$500 billion of real estate transactions over the last five years. (Data as of June 30, 2021.) For additional information, please visit christiesrealestate.com.