After Olivier Sarkozy bought a combined townhouse at 226-228 East 49th Street in the Turtle Bay neighborhood of Manhattan in April 2014, and shortly before he married Mary-Kate Olsen in November 2015, the couple kicked off what was supposed to be an ambitious, top-to-bottom renovation.
But things didn’t go according to plan. The renovation stalled, the couple divorced earlier this year, and now Mr. Sarkozy, a banker who is the half brother of the former French president Nicolas Sarkozy, is selling.
“They never lived there,” said Michael Bolla, an agent at Sotheby’s International Realty who is listing the property. He said that Ms. Olsen, the former actress and fashion designer who founded The Row with her twin sister, Ashley, is not an owner.
“It’s his house,” Mr. Bolla said. “He was the purchaser, and he is the seller.”
Yet in the beginning, the couple tapped Ms. Olsen’s design contacts for the renovation. According to city records, the architect on the job was Montalba Architects, the same firm that designed The Row’s first flagship store, in Los Angeles.
cut down in 2009, but the restrictions that Mrs. Martin originally put on the properties to create the gardens largely remain, after being renewed by the owners of the townhouses each time they expired.
Those restrictions maintain the 12-foot-wide walkway, prevent the building of high walls and fences, prohibit kitchens from facing the gardens, require vents to be routed through the roof or front of each building and prohibit drying clothes or storing trash cans behind the homes.
The owners share the costs of maintaining the common walk and gardens. The fee for 226-228 East 49th Street is $3,200 a year, Mr. Bolla said, paid quarterly.
Although the townhouse is not move-in ready, it could be transformed into a stunning single- or two-family home, Mr. Bolla insisted: “It’s looking for its next matriarch.”
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