Law360 co-founder buys $6.4M 345meatpacking condo

Sep.September 27, 2013 05:46 PM

Magnus Hoglund, the whimsically named co-founder of Union Square-based online legal newswire Law360, landed a new penthouse condominium at DDG’s 345meatpacking development for $6.4 million, according to property records filed with the city today.

Hoglund and his business partner Marius Meland founded Law360, based at 1860 Broadway, in 2004. The subscription news service is aimed at corporate lawyers and reports on a variety of legal practices, including real estate. In 2012, data giant LexisNexis bought the company that publishes Law360 for an undisclosed sum.

Hoglund’s new 2,093-square-foot unit at 345 West 14th Street, near Ninth Avenue, has three bedrooms and two-and-a-half bathrooms. The apartment – the largest of the four penthouses – also features a 385-square-foot Private Terrace, two family rooms, floor-to-ceiling bronze windows and 10-foot-high ceilings.

It hit the market in October for $6.2 million, then saw a slight price bump to $6.3 million the following month. Tamir Shemesh of the Corcoran Group headed up sales at the 11-story, 37-unit building. Shemesh declined to comment.

The property sold out last month at prices of $2,300 per square foot, with some units selling for as much as $3,500 per square foot. Sales launched in November. This penthouse was one of the last condos to sell, a spokesperson for the building told The Real Deal. Hoglund could not be immediately reached for comment.

DDG purchased two commercial buildings on the site for $25.3 million in April 2012, after an investment group led by Andre Balazs and Jay-Z defaulted on the properties, as previously reported.

The rapidly growing Law360 also has outposts in Chicago, Los Angeles, Washington, D.C. and other U.S. cities. Indeed, the publication took 8,400 square feet in additional space last year, at 200 Park Avenue South, the New York Observer reported at the time.

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