In December Art Market Views broke the news that art gallery Knoedler & Company’s townhouse 19 East 70th Street was on the market, tagged $59.5 million. The property is still for sale, with a price reduction.

The building is now available for $49.9 million, according to a listing here on Sotheby’s Realty’s website.

Still no news from the gallery regarding plans for a new Knoedler location. However the 57th Street Hammer Galleries is expected to relocate to a new venue by September. Hammer and Knoedler are owned by the same holding company. Michael Hammer is chairman and president of the holding company. Knoedler is currently showing Michael Goldberg’s 1962-1963 red paintings. The fall will feature a show by photographer Lynn Davis.

Not sure what this says about the art market… but Sotheby’s Realty’s three priciest real estate listings in Manhattan are all current or former art galleries. The top spot belongs to the Arader Galleries building on Madison Avenue, listed for sale for $72 million. This is not the first time the building has been on the market.

The second most expensive is the former home of the bankrupt Salander O’Reilly Galleries, listed for $59 million. The building is owned by Aby Rosen. The Knoedler building ranks third.