Goodbye, East 78th Mansion; Goodbye, $2.35 M. Deposit

Last month, when The Times reported that the Manhattan real estate market had become “so unnerving to buyers that some are forfeiting six-figure deposits rather than close on deals,” Joan Raines must have giggled.

Before last year’s Lehman collapse, Ms. Raines, the daughter of the Pat Nixon–endorsed postwar fashion designer Adele Simpson, signed a contract to sell her late parents’ 13,095-square-foot, 105-year-old mansion at 5 East 78th Street...

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