Wednesday, June 3, 2009

Geithner Fails to Sell His New York House

Treasury Sectretary Timothy Geithner has been unsuccessful in selling his New York home and is now renting it out.

After reducing the price on his house in a New York City suburb to less than he paid for it, Geithner still couldn't sell and recently rented it out instead, according to real estate agents familiar with the deal, reports NyPo.

Geithner put his five-bedroom Tudor on the market for $1.635 million in February, after heading to Washington to take the Treasury position.

A few weeks after the asking price was dropped to $1.575 million, the home was rented for $7,500 a month on May 21, said the agents, Scott Stiefvater of Stiefvater Real Estate and Debbie Meiliken of Keller Williams Realty New York.

Records show Geithner and his wife, Carole Sonnenfeld Geithner, paid $1.602 million for the home in 2004

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