The Real Deal New York

Colombian art dealer Lio Malca behind $15M purchase of Dumbo’s clocktower PH: sources

Penthouse sale set a new record for a Brooklyn apartment
By Katherine Clarke | April 01, 2017 03:30PM

The Dumbo penthouse at 1 Main Street

The sale of the famed triplex penthouse in the clocktower building in Dumbo finally closed this week for a whopping $15 million, or more than $2,140 a foot, setting a new record price for condos in the borough.

Now, sources tell The Real Deal the buyer is Colombian-born gallery owner, art dealer and collector Lio Malca, who worked with developer Two Trees Management for more than four years to make the deal happen.

Lio Malca with Sara Jaurequi (credit: Getty Images)

It appears Malca, who owns a gallery on West 26th Street, has a penchant for one-of-a-kind properties. He reportedly converted a former salt warehouse in Ibiza into a gallery space in 2015.

He previously lived in a loft at 519 Broadway in Soho, surrounded by his art collection, which reportedly includes pieces by Andy Warhol, Jean-Michel Basquiat, and Keith Haring. That property is currently on the market for $5.5 million.

He bought the property under the guise of an LLC, Tic Toc Tower.

Douglas Elliman’s Monica Luque represented Malca, while Two Trees was represented by Frank Castelluccio and Nicholas Hovsepian of the Corcoran Group. A spokesperson for Elliman declined to comment and the Corcoran brokers could not be reached.

The 7,000-square-foot pad, famous for its massive clock face window, was initially priced at $25 million but had its price slashed several times over the nearly six years it was on the market.