Billy Joel sells New York City apartment to his own daughter for $4.5 million – days before cutting $5 million off Long Island Estate price
Legendary singer Billy Joel has been on a rollercoaster ride in the real estate market lately, finding success selling one home while another just took a steep $4.9 million price cut.
The 76-year-old crooner has been trying to sell much of his Long Island estate since early March, when it was listed for $39.9 million. whole of the property, which consists of three lots, is on the market for the even higher price of $49 million.
But after months without concrete offers, the asking price of the property’s main residence was lowered, first to $29.9 million, then again to $25 million.
Joel has had more success with his Manhattan property, a two-bedroom apartment that he sold for $4.5 million to none other than his daughter. Alexa Joel.
Despite passing the property on to his own relative, the singer didn’t hold back on the price and made an impressive profit of $1.2 million on the $3.3 million he paid for the Elizabeth Street home in 2010, when he bought it from his then-wife. Katie Lee.
Property records now show that the two-bedroom, two-bath home has been transferred to Alexa in a $4.5 million transaction, as first reported by Crain’s.
The home, located at 211 Elizabeth St., spans 1,600 square feet and pre-staged photos revealed dark herringbone floors, black crown molding and a dark-colored chef’s kitchen, according to Curbed.
Transferring the property into his daughter’s name was largely a formality, as Alexa has reportedly lived in the home since 2010.
However, Joel will no doubt be hoping that the exchange will set the tone anothera much more expensive real estate sale – that of his Long Island home, which he has owned since 2002.
Just days after Alexa officially took ownership of her father’s Nolita crib, Joel cut $4.9 million from his Long Island estate, Realtor.com® can reveal.
The ‘She’s Always a Woman’ hitmaker – who previously revealed he was canceling all his concerts due to health concerns – relisted the 14-acre property in March after initially trying to sell the property’s three lots for $49 million, as first reported by the New York Post.
Joel has already sold the gatehouse of the property for $7 million and now wants to get rid of the main house, known as MiddleSea.
“The new price reflects the split of the two buildable waterfront lots, so the gross price remains the same,” Emmet LaffeyCEO of Berkshire Hathaway HomeServices Laffey International Realty said in May.
Joel bought his Long Island retreat in 2002 for $22.5 million before snapping up two adjacent parcels.
The main home, which comes with 14.6 hectares of land, is now for sale for $25 million, while two adjacent plots are for sale for $3.5 million each.
“When [Joel] bought this 20 years ago, he bought the main house. And while living there he purchased the adjoining two lots, which are cultivable, and purchased a gatehouse. Now we sell it the way he bought it: in pieces. The smartest way to sell this incredible land and property is the way he bought it,” Laffey previously told the Post.
Laffey noted that many superfans have already tried to get the property and made several offers.
“You do have some extreme fans. It’s very special. It’s a very famous house for everyone on the north shore of Long Island,” he said.
The main house spans over 20,000 square feet and comes complete with five bedrooms, six full bathrooms, two half bathrooms, a game room, spa and hair salon, bowling alley, and wine cellar.
There is also an indoor pool, which Joel had covered so he could use the space as a music room, due to its excellent acoustics.
The estate also features a three-bedroom beach house, a three-bedroom guest apartment and a four-bedroom gatehouse, which has now been sold.
Other luxury amenities include a floating dock and boat ramp, two outdoor pools and a helipad.
News of the house redesign came after Joel announced on May 23 that he would be calling off his tour to focus on treating normal pressure hydrocephalus. The disorder occurs when there is a fluid buildup in the brain, causing problems with walking and balancing, confusion and forgetfulness, the researchers said. Cleveland Clinic.
This is evident from a statement from the singer’s spokesperson Instagramhis condition has been ‘aggravated by recent concert performances, which has led to problems with hearing, vision and balance.
“Per the instructions of his physician, Billy is undergoing specific physical therapy and has been advised not to perform during this recovery period. Billy is grateful for the excellent care he is receiving and is fully committed to prioritizing his health,” the announcement continued.
The statement added that the “Piano Man” singer was grateful for the “support” from his fans and that he “looks forward” to performing when his health improves.
“I am truly sorry to disappoint our audience, and I thank you for your understanding,” Joel added in a quote.
The concert dates affected by the news include shows in New York City; New Orleans; Toronto; Santa Clara, California; Salt Lake City; Washington, DC; and Liverpool, England.
The statement noted that refunds would be automatically returned to the original payment method.
Joel’s health news comes a year after he bought a $10.7 million home in the Hamptons, N.Y., near Alec And Hilaria Baldwin‘s estate.
The four-bedroom, five-bathroom home features 3,500 square feet of living space and was purchased by the singer through an LLC with ties to one of his former homes.
The 5.15-acre estate also includes a heated barn with eight stables, a “Grand Prix” field, a hayloft, a tack room, a laundry and an office. The area consists of green fields, a lily pond and mature trees.
Just before purchasing his Hamptons home, Joel sold his massive waterfront estate in South Florida after a six-year period in which the mansion bounced on and off the market at various price points, forcing the legendary musician to take a whopping $22 million off his top asking price.
