Moby seeks $2.75M profit on Noho apartment

April 25, 2012 09:30AM

Moby has made several profitable real estate deals in recent years, according to the Wall Street Journal, and is on the verge of Another One With A Bond Street penthouse. The musician just listed a 3,000-square-foot penthouse at 7 Bond Street in Soho for $6.5 million, three years after paying $3.75 million for it at the bottom of the market. Moby gutted the space, which is actually two combined penthouses, and created a 37-foot-long great room with 19-foot ceilings. Julie Pham, the Corcoran Group broker marketing the property, indicated that with its 1,500-square-foot terrace, and lower price compared to listings down the block at 40 Bond Street, the apartment’s eventual sales price could match the asking price.

If so, it would not be the first time Moby made a successful real estate play in the city. In 2005, he paid $4.5 million for a two-bedroom apartment in the El Dorado on Central Park West. Shortly thereafter he commissioned a 14-month renovation and sold it for $6.7 million in 2008. He also listed a Los Angeles castle for $7.5 million that he originally bought for $3.9 million.

Moby downplayed his real estate success, saying that after renovations the profits weren’t as gaudy as they appeared. He added that he doesn’t set out to flip apartments, but often finds reasons he can’t live in real estate that once attracted him. [WSJ]