Three Upper East Side Buildings Ask a Reduced $78.95 Million

After last year’s unsuccessful attempt to sell its Manhattan headquarters for $120 million, the National Academy Museum and School is slashing the asking price for the three Upper East Side buildings, which can now be had for a total of $78.95 million.

The buildings went on the market in April of last year with the commercial brokerage firm Cushman & Wakefield; the price was then lowered to $109 million. The buildings are now also being offered separately. The museum is asking $29.5 million for each of its two interconnected townhouses and $19.95 million for a 65-foot-wide annex. The buildings offer a total of approximately 54,000 square feet, according to listing agent Carrie Chiang of the Corcoran Group.

Located a block from the Guggenheim Museum, the buildings could be combined to create a massive single-family home or converted into condos, Ms. Chiang said, or they could continue as a school, foundation or museum.

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One of the townhouses is on Fifth Avenue; the six-story, limestone house was built around 1902 and retains a number of original details like walnut wood paneling. The other townhouse, on 89th Street, was built around 1913 as an extension of the first house; the two buildings are connected by a rotunda. The townhouses were donated in the 1940s to the National Academy, which built a two-story annex on 89th Street in the 1950s to use as a school, according to architect Bruce Fowle, president of the National Academy.

The National Academy was founded in 1825 with the mission of promoting arts and architecture in America and training aspiring artists. The group faced criticism for selling two Hudson River School paintings in 2008 amid financial struggles. Last year the organization announced its plan to sell its Upper East Side headquarters to establish a permanent endowment and generate revenue for a new facility. The museum closed in June of last year but the school will remain open until the building is sold, Mr. Fowle said.

Mr. Fowle said the group is searching for a new home in Manhattan but may also consider Brooklyn and Queens.