The Real Deal New York

Billionaire developer Leonard Stern sells Soho home for $15M

Hartz Group CEO's duplex pad spans 4,300 square feet

October 24, 2014 12:56PM
By Zachary Kussin

Leonard Stern and 459 West Broadway in Soho

Leonard Stern and 459 West Broadway in Soho

Billionaire real estate developer Leonard Stern has sold off his Soho penthouse at 459 West Broadway in a $14.7 million deal, according to today’s property records. It was a slim profit for the Hartz Group chairman and CEO, who bought the three-bedroom, four-and-a-half-bathroom spread for $14.3 million.

The duplex home measures 4,300 square feet and has a 1,500-square-foot roof deck, according to the property’s listing. There are four exposures, two wood-burning fireplaces, radiant heated bathroom floors and a Crestron system. The roof deck has its own kitchen, a pool and a convertible indoor/outdoor lounge with sliding windows.

Bonnie Chajet, Lisa Chajet and Rebecca Edwardson of Warburg Realty had the listing for $14.9 million.

459-Broadway-4

459 West Broadway in Soho

James Payne, who works for Twitter, is listed as the buyer. He could not immediately be reached. “It was a mint-condition, very high-end loft,” Bonnie Chajet told TRD. “He had the ability to close quickly,” she added of the buyer. “He loved it and he’s a happy man.”

This home has hopped on and off the market. The pad hit the market for $17.3 million in April 2013, as previously reported. Deborah Grubman and David Dubin of the Corcoran Group had this listing until that August, when they took it off the market and relisted it the following month for $15.8 million, StreetEasy shows. The home underwent a price chop to $14.9 million until it left the market this past February.

459 West Broadway in Soho

459 West Broadway in Soho

A Corcoran spokesperson did not immediately respond with comment.

Warburg took over the listing that month for $14.9 million, StreetEasy shows, until the firm took it off the market in July. It went back online in early September for that same price before entering contract.

Stern built the Tribeca Grand and Soho Grand hotels, as well as New York University’s Stern School of Business.

  • Nana

    I got it!!!! The land lease building sold in June for 95 millions and now another developer is trying to buy it for 40 millions . Thank you Lisa for the info.
    What’s going to happen to the rent control tenants ?

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