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Manhattan townhouse once owned by fashion designer Oleg Cassini has been listed for $39.5 million, a significant reduction from its initial asking price of $65 million. The 18,000-square-foot property at 15 East 63rd Street is now being marketed by Brown Harris Stevens' Sami Hassoumi after Sotheby's Louis Beit initially listed it in March 2024.

    The townhouse has been entangled in bankruptcy proceedings filed by Cassini's sister-in-law, Peggy Nestor, for nearly two years. Al Togut, the Chapter 11 trustee for Nestor's estate, is selling the home and expressed confidence that Hassoumi will find a buyer. "This is a Gilded Age mansion, it's beautiful," Togut said.

    The property has undergone a tumultuous sales process, with one lender describing it as a "tortured post-petition sale process." The townhouse was initially listed at $65 million in March 2024 but failed to generate serious offers. The price was subsequently reduced by $5 million and $7 million chunks, with the home last listed for $44.5 million in December.

    The 25-foot-wide property features seven bedrooms, over eight bathrooms, 14 fireplaces, and three terraces. It also boasts Gilded Age flourishes such as a white marble foyer and herringbone floors. Leslie Garfield's Matt Lesser described the property as a "trophy home" but noted that a buyer would likely undertake a full renovation.

    The new listing price of $39.5 million works out to around $2,190 per square foot, significantly lower than the initial asking price of $3,610 per square foot. Togut believes the reduced price will be well-received in the market, citing recent sales of similar townhouses on the Upper East Side.