Ex-music mogul sells American Thread digs for $7M

October 18, 2013 12:16PM

Former hip-hop producer and manager Steve Stoute has sold his penthouse duplex condominium at the American Thread Building at 260 West Broadway in Tribeca for $7.2 million.

Stoute, a current advertising executive and onetime manager for Mary J. Blige and Nas, bought the spread in 2001, merging the 10th and 11th floors. The 3,580-square-foot unit features three bedrooms, a media room and two wood-burning fireplaces, the New York Observer reported.

He listed the condo with the Corcoran Group in 2006 for $12.25 million, soon chopping the asking price to $9.75 million. Adam Modlin of the Modlin Group then took over the listing, dropping it to $9.5 million. Lee Fensterstock, CEO of the Marco Polo Network, eventually took it off Stoute’s hands. [NYO]Mark Maurer