Washington Place near Sixth Avenue
Four-story town house.
Asking: $1.1 million. Selling: $1.2 million.
Time on the market: two years.

STELLA’S THE NEW TENANT. Of the 300 prospective buyers who sized up this down-at-the-heels brick town house, only February Vogue cover girl Stella Tennant had the vision to see its potential. Ms. Tennant, who recently had a son, was living nearby with her husband, David Lasnet, when she discovered this 1833 building. The house had been owned for 30 years by a family from Connecticut who rented it out to two tenants: an eye doctor, who was paying $900 in rent for the first floor, and a group of five struggling-artist types who collectively paid $2,500 a month for the top two floors. After several years of having such a sweet deal, the artists weren’t exactly thrilled when they heard they would be losing the roof over their heads. They devised a couple of strategies for warding off potential buyers: posting signs in the stairwell that said "Dope Deals Are Down on This Block" and letting their dog soil the floors pretty much everywhere. When Ms. Tennant showed up one afternoon about a year ago, she was able to see through the muck. The house has two skylights, a garden in back and great original detail on the third and fourth floors. To the relief of the listing broker—who had been saddled with the house for two long years—Ms. Tennant made an offer. The sale took about seven months to close. Ms. Tennant had no comment. Broker: Halstead Property Company (Eileen Robert); Eychner Associates (Deborah Straubinger).