Marcus Lemonis Slashes $10 Million Off NYC Townhouse Price
Marcus Lemonis, 2019. Photo courtesy of Sandro Miller under CC BY-SA 4.0.
Billionaire businessman and TV star Marcus Lemonis just made a jaw-dropping move in New York's luxury real estate scene. He and his wife, Roberta "Bobbi" Fenchel, reportedly slashed the asking price of their sprawling Upper East Side townhouse by a staggering $10 million. Once listed at $35 million, the five-story, five-bedroom mansion is now on the market for $24.5 million. This dramatic price cut is more than just a sale tactic. It's a vivid snapshot of the shifting economic realities gripping New York City's high-end property market as of December 2025.
Lemonis, best known for his hit show "The Profit," and his business empire, reportedly bought the townhouse in 2021 for $18 million. Since then, he has poured millions into transforming the home into a masterpiece of luxury and history. Yet, despite the lavish renovations and prime location, the market has forced a rethink. The price drop tells a story of big money meeting cold market conditions, revealing that even high-profile investors are feeling the squeeze.
A Historic Home With a Glamorous Past
The townhouse at 34 E. 62nd St. is no ordinary property. It stands on the site of a historic mansion once owned by Vincent Astor, a wealthy socialite and spy whose family legacy includes the iconic St. Regis Hotel. During World War II, Astor turned the home into a secret clubhouse for a spy group known as "The Room," where elite figures like Kermit Roosevelt gathered to discuss state secrets. This rich history adds a layer of intrigue and prestige to the property that few homes can match.
The current home, built from the ground up after a devastating gas explosion in 2006, boasts a limestone facade, bowed French windows, and a striking slate mansard roof. Inside, the house opens to a grand foyer with herringbone oak floors and a sculptural glass and wood staircase. The main floor features a chef's kitchen with custom tile floors, a wood-burning fireplace, and French doors that lead to an ivy-covered garden with a fire pit. Upstairs, the parlor level offers a formal dining room with arched French windows, a butler's pantry with a custom bar, and a living room with coffered ceilings and another fireplace.
Lavish Living Spread Over 5 Floors
The townhouse's upper floors are equally impressive. The third floor currently serves as two large guest suites, each with spa-like bathrooms and walk-in closets. The fourth floor houses two more bedrooms with ensuite baths, a gas fireplace, and a large walk-through closet with custom millwork. The entire fifth floor is dedicated to the master suite, featuring a horizontal fireplace, media center, grey oak floors, a massive walk-through closet, and a spa-like bathroom.
Outside, the rooftop terrace is a showstopper, complete with a gas fire pit and ample space for dining and entertaining. The basement level includes a media and family room with built-in cabinetry, a glassed-in office or gym, and a second laundry room. The entire home is smart-wired with radiant floors throughout, blending modern technology with classic elegance.
Why the Price Cut?
Despite the home's undeniable allure and Lemonis's investment, the luxury market in New York City is facing headwinds. According to Lemonis, the city's real estate market is evolving under new leadership and economic pressures. He acknowledges that buyers now demand true perceived value before making a move. The arrival of new mayor Adrian Mamdani and broader economic concerns, including mortgage rates and unemployment, have created a more competitive environment.
Lemonis, who recently announced his retirement as CEO of Camping World Holdings, but remains a special advisor and executive chair of Bed Bath & Beyond, is not abandoning New York. Instead, he is seeking a smaller residence, reportedly admitting the townhouse is simply too large for his current lifestyle. His decision to reduce the asking price reflects a pragmatic approach to the market's realities.
A Market in Flux
New York's luxury real estate has long been a symbol of wealth and stability. But the current climate is testing even the most seasoned investors. Lemonis's price cut underscores a broader trend: high-end properties are no longer guaranteed quick sales at sky-high prices. Buyers are cautious, and sellers must adapt.
Lemonis remains bullish on the city's long-term prospects. He repotedly believes that Mayor Mamdani's influence is limited and that the city's economic strength and cultural vibrancy will endure. He points to bustling streets, packed restaurants, and the city's status as a global hub for finance, art, theater, and shopping as reasons to stay optimistic.
What This Means for You
If you've ever dreamed of owning a slice of New York luxury, Lemonis's price cut might be a sign that the market is opening up. But it also serves as a reminder that even billionaires must navigate the unpredictable tides of real estate. The glamorous life of a TV star and business mogul comes with its own set of challenges, and the city that never sleeps is no exception.
Whether you're a real estate enthusiast, a fan of "The Profit," or simply curious about the intersection of fame and fortune, this story offers a fascinating glimpse into how high stakes and high prices collide in one of the world's most coveted markets.
The Upper East Side townhouse at 34 E. 62nd St. remains a stunning symbol of history, luxury, and ambition. Now, with a new price tag, it's waiting for the next chapter — and the next lucky buyer ready to step into a world where past secrets meet present-day glamour.
References: Exclusive | Marcus Lemonis cuts the price of his NYC townhouse by $10M | Marcus Lemonis House: Complete Guide to The Profit Star's Amazing Homes
