Beach House, which owns three homes in Manhattan, is planning to sell the majority of its furniture, including some vintage ones, to fund a $2 million renovation of the home in a residential area.
The move comes amid the real estate market’s steep decline and the city’s ongoing housing crisis, which has left more than 4.7 million people homeless.
Beach House will sell most of its vintage furniture, a move that is expected to cost about $2,200 per pair, according to a press release from the company.
The company will pay the buyer a $1,000 deposit, and the rest of the purchase price will be covered by the seller.
A spokesperson for the company did not immediately respond to a request for comment.
Beach has a long history of refurbishing its homes and is currently the only major retailer of vintage homes.
But it has struggled to keep pace with the wave of new luxury homes hitting the market.
Earlier this month, the company announced it was selling a $600,000 house in Beverly Hills, California, to help fund a new renovation.
The sale comes amid a wave of high-end luxury home purchases in the United States.
A report by real estate analytics firm Zillow said that a record $1 trillion has been sold since 2014.
The market is currently in a downturn after several of the nation’s top real estate companies reported declines in sales for the first time this year.
The U.S. stock market has been in a bear market for nearly six months.