By the late 1990s, Randall Luckson found himself living in a cramped apartment on Central Park West, stacked above others.
One evening, however, everything shifted for him.
“I attended a party at a townhouse,” Luckson, now 66, shared. “I remember thinking, ‘This is the best place ever. It resembles the kind of house I grew up in, but it’s in Manhattan.'”
Not long after that experience, Luckson, who had founded AIG’s derivatives division, began his search for a townhouse of his own—though this proved quite challenging in New York City.
The hunt was daunting. He found that many houses had kitchens in basements and rooms designed for staff, which led to low ceilings on the floors above.
“Most properties reflected how people lived back then, not how they live now,” he noted.
Then he discovered 349 W. 86th St.
This was once the Beaux Arts Music Conservatory—an empty shell, lacking roofs or stairs and teeming with pests. Initially, developers sought to replace it with a 15-story condo, but local residents’ concerns about lost light halted that plan.
Luckson purchased the building in 1999 for $1.4 million.
After four years of extensive restoration, during which he preserved the limestone exterior and revamped the interior, Luckson transformed it into an 11,500-square-foot residence. Now, it’s on the market for $29.75 million and blends historic architecture with modern living.
“I appreciate its historic nature and wanted to maintain that essence in my design,” he explained. “It’s truly a harmonious urban home, balancing classic and contemporary.”
The Luckson House is a unique find in New York, being one of the few surviving opulent homes from a bygone era. Recently, at least five similar mansions have been listed or sold at surprising prices.
For instance, 25 Riverside Drive hit the market for $22.8 million in December before being withdrawn in June. Another, at 15 E. 63rd St.—spanning 18,000 square feet and built in 1901—was listed for $39.5 million. Additionally, a 19th-century limestone house at 57 E. 74th St. is available for $13.9 million.
With this uptick in interest comes a heightened enthusiasm from buyers.
Interestingly, the timing aligns with the airing of HBO’s “Gilded Age,” which showcases the extravagant architecture of late 19th-century Manhattan.
“These historic homes are seeing a revival,” Cathy Franklin from Corcoran remarked. “People are looking for more space, especially since the pandemic, and families see golden-age mansions as offering that.” Lydia Sasek from Douglas Elliman added that privacy has become a key factor for many: “Post-COVID, people cherish their private spaces in the city.”
This period was characterized by excess, as affluent individuals sought to create homes that echoed European palaces.
According to architect Sam White, great-grandson of the renowned Stanford White, “New York has always had wealthy residents who construct grand homes.” Following the Civil War, many sought residences that embodied that opulence.
At one point, between 57th and 96th Streets alone, there may have been as many as 150 to 160 mansions on Fifth Avenue.
Today? White estimates perhaps only 15 remain. “That’s just about 10%,” he noted.
World War I marked a decline in these grander lifestyles. As social ideals evolved and the costs of maintaining such luxury grew, affluent families began shifting toward lavish apartments, a trend kicked off by the Dakota’s opening in 1884.
Over the decades, many grand homes fell to demolition or were repurposed as institutions, private clubs, or cultural spaces. A few, like the reopened Flick Collection and the Ukrainian Institute on the Upper East Side, now operate almost like museums but preserve some original splendor.
The market for these remaining mansions remains vibrant. Just last month, a 24,000-square-foot limestone mansion at 9 W. 54th St. sold for $38.21 million.
“Buyers view them for various purposes—from private residences to offices and clubs,” noted Patricia Vance from Douglas Elliman.
The new buyer intends to transform it into a semi-private gallery, highlighting unique features like an original dining room safe that once held silverware.
Recently, a Stanford White-designed mansion at 973 Fifth Ave. fetched $46 million. “This sale was a rare chance,” said Carrie Chiang from Corcoran. “It offers elegance and history that simply can’t be replicated.”
Constructed in 1910, this Italian Renaissance Palazzo spans over 16,000 square feet and offers beautiful views of Central Park and the Metropolitan Museum of Art. The property retains many original details, including stained glass windows and intricate staircases.
Accommodating 11 bedrooms, it also features multiple kitchens, a rooftop garden, and luxury amenities like a wine cellar and Hammam steam room. Many buyers value these homes for the rich history they encapsulate, while others appreciate the ability to combine luxury with a grand past.
Franklin emphasized the unmatched craftsmanship from this era. “The late 1800s and early 1900s brought about incredible materials… and skilled artisans from various backgrounds contributed to that,” she reflected.
Design priorities also shifted. “These homes were built for entertaining—impressive parlors and high ceilings were the norm,” Franklin explained. “They were intended to host large gatherings.”
However, historical layouts may not align perfectly with modern amenities.
“A property with its original design often requires significant alteration,” White acknowledged. “Those investing millions typically seek a home that has already undergone updates.”
For today’s buyers, the uniqueness of these mansions is appealing.
“These properties symbolize a niche,” said Chen. “They can be modernized while still preserving historical charm, creating a blend that resonates today.”
Vance sees these homes as artifacts, often rare in real estate. “As they fade away, each becomes increasingly precious, much like a museum exhibit,” she observed.
Whether these residences remain private or transform into public spaces, they undoubtedly remain integral to New York’s narrative.
