What Does The Stigma Of 666 Really Mean?

Time to read [5 minutes]

I Doubt Having An Address Of 666 Will Damage Value
The Epstein Mansion Value Was Not Hurt By Its Stigma
A Plane Crashing Into A Condo Has Not Hurt Values In Building

Yesterday, there was an article about a Sackler family heir’s triplex on Park Avenue that might be listed. If you remember, the Sackler family was sued because they “owned, directed, and profited” from Purdue Pharma’s conduct that helped create the overdose crisis. While the abuse of OxyContin has been overtaken by fentanyl, the family name is associated with a stigma. The fact that a Sackler heir’s apartment has a street number of 666 seems to make sense. How does the stigma of a property owner’s bad behavior end up impacting their home’s value? It has been my experience in NYC that it usually doesn’t, no matter how devastating the crime.

Pre-War Co-op Market Is Throttled By New Condos

About a decade ago, I was asked to appraise a Park Avenue maisonette quadraplex (four stories) with a street entrance. The apartment furniture was covered in white sheets, evoking the atmosphere of the book “Great Expectations.” I valued the property at $14 million. A top real estate agent at the time who was controversial, was trying to make my life miserable because I got press, told the estate the property was worth $14 million. The executor was thrilled and told the broker that I had arrived at the same opinion. Upon hearing I was involved, the agent said she changed her mind and it was only worth $9 million, and that I was wrong. The property sold for $14 million six months later. I plan to retell this bizarre story and other run-ins with this agent in a book I am working on. In fact, values on Park Avenue today are lower than they were more than a decade ago. The surge in new development condos has replaced the big Park Avenue apartments in the luxury market, making them the weakest luxury submarket.

The Manhattan Epstein Mansion

After 38 years of never driving my car to an appraisal assignment, the call to appraise the Epstein property for the estate [gift link] in order for the victims to be compensated broke my “no car” streak. As the court system began to reopen after the pandemic lockdown, I remained uncomfortable using public transportation, so I drove into NYC from Connecticut and parked in a garage a few blocks away. The photos of the mansion’s interior can be seen in this NY Times recent story [gift link], and I saw similar things during my own inspection. Incidentally, the moment I exited the mansion, I instantly reached for my bottle of Purell.

The property was purchased for $51 million and gutted for a complete renovation. No discount is evident in the sales price as we were in virtually all the similar-sized townhouses in the vicinity and had a good understanding of the value of these types of properties. Incidentally, the Frick Collection and Bill Cosby’s mansion are across the street. Oh, and should I mention this building used to be the site of an all-girls school?

Plan Crashes Into Condo Building

Nearly twenty years ago, New York Yankees Pitcher Cory Lidle accidentally flew his plane into a 50-story Manhattan condo known as the Belaire. Our firm had appraised condos in this building many times. No impact on value was noted in our experience. What’s not generally known is that the owner of the damaged apartment was also the same person who, nine years prior, was hit by a lampost knocked over by a balloon in the Macy’s Parade. Sadly, I was told by a family friend that her husband filed for a divorce a few years later. Oof.

Final Thoughts

There are a lot more stories to tell, like the guy who blew up his townhouse I appraised after saying in court that his wife would get the house over “his dead body.” Still, the bottom line is that the stigma of a recent tragedy usually has no apparent impact on property value in Manhattan. Of course, this isn’t a hard and fast rule. In Sandy Hook, CT, the town tore down the school and the shooter’s house, for example.

It is indeed strange how the stigma doesn’t always translate into lower property values, or after a brief respite, the stigma fades away.

The Actual Final Thought – Property stigma can be akin to a conspiracy theory.

HGAR’s IMPACT: The Member Experience

I’m excited to speak at IMPACT: The HGAR Member Experience on September 29. I’ll be joining real estate professionals from across the region to explore what’s next in the housing market, economic opportunities and building community. Join me and be part of the conversation that’s shaping what’s next. Learn more and register.

[Podcast] What It Means With Jonathan Miller

The Sort Of Live From Hurricane Erin episode is just a click away. The podcast feeds can be found here:

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Did you miss the previous Housing Notes?

August 20, 2025

The Wealth Gap Is Driving More Luxury Housing

Image: CBO

What Does The Stigma Of 666 Really Mean?

Pre-War Co-op Market Is Throttled By New Condos