T
he Upper East Side's luxury real estate market is known for its high-end townhouses, but one recent sale stands out as an anomaly. 45 East 74th Street, a 9,000-square-foot property, sold for $20 million to an unknown buyer, a whopping $6 million less than its original price in 2013. This is unusual given the neighborhood's trend of townhouse sales increasing by tens of millions over previous sale prices.

    In fact, among the 12 townhouse sales exceeding $20 million in the past two years, 45 East 74th Street is the only one to not beat its previous sale price. Many of these deals saw significant price jumps, with some adding $10 million or more to their earlier sale prices. For example, 18 East 73rd Street traded for $38 million this year, nearly doubling its sale price from 2013.

    The property at 45 East 74th Street has a unique history. Italian developer Valerio Morabito bought it in 2009 and invested $10 million in renovations, including a high-end pool. He initially listed the property for $33 million in 2012 before selling it to Chinese businesswoman Zhang Xin for $26 million in 2013.

    Industry experts are puzzled by the relatively low sale price of 45 East 74th Street, given its prime location and recent renovation. Some attribute the lower price to the home's condition, with one broker noting that it was "a bit tired" and would require a cosmetic facelift. Others point out that the buyer got a good deal, as Zhang Xin is reportedly one of the wealthiest women in China.