Racing for profits: Ferrari-obsessed billionaire asks $70M for One57 pad

Canadian fashion mogul paid $55.6M in 2014

New York /
Oct.October 03, 2017 09:00 AM

Living at One57 has fallen out of vogue — at least for Canadian billionaire Lawrence Stroll, the fashion investor who helped mastermind Michael Kors’ IPO in 2011.

Stroll, one of the first buyers at Gary Barnett’s luxury condominium, has listed his full-floor pad for $70 million — around 26 percent more than he paid in 2014.

Stroll shelled out $55.6 million for the 85th-floor apartment shortly after Extell Development launched sales at the building, public records show. His longtime business partner Silas Chou — the other half of the team behind the Kors IPO — paid $56.1 million for an 82nd floor spread around the same time.

Stroll’s unit, spanning 6,240 square feet, is now asking $11,217 per foot. Sotheby’s International Realty’s Nikki Field has the listing.

Stroll is worth an estimated $2.6 billion, according to Forbes. In addition to luxury apartments, he collects vintage Ferraris and McLarens and owns Canada’s Circuit Mont-Tremblant race circuit. Stroll paid a record $27.5 million at auction for a vintage Ferrari in 2013. He also owns property in Miami, where he paid $13.5 million for a Fisher Island condo in 2014.

The Canadian billionaire lived in and renovated the One57 condo — upholstering the entrance hall in “woven suede” and installing a “sculpted ceramic wall” by the artist Peter Lane in the great room. The “extravagant” pad also features a 1,500-square-foot master suite, eat-in chef’s kitchen with a hidden ceiling TV and 360-degree views, according to the listing.

One57 set a new standard for luxury buyers when it launched sales in 2011, but it has faced setbacks amid the luxury market’s slowdown. The building is not fully sold out, and two condo owners have faced foreclosure on their units — including Nigerian billionaire Kola Aluko, who is under investigation for money laundering. His apartment narrowly escaped foreclosure, and is now listed for $39 million, nearly $13 million less than he paid in 2014.

Extell has also been focused on two newer projects: its massive One Manahttan Square development on the Lower East Side and its under-construction Central Park Tower, at 217 West 57th Street, a $4 billion project that could overtake One57 in both height and price. The 179-unit project recently received approval to launch sales.


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