Westfield heir bought oil tycoon’s One57 condo at foreclosure auction

He's listed another unit for $27M

Nov.November 30, 2017 09:39 AM

From left: David Lowy, One57 and Kola Aluko (Credit: One57 and Twitter)

It looks like retail heir David Lowy is the buyer of Nigerian oil tycoon Kola Aluko’s $36 million condominium at One57.

Lowy, the son of Westfield Corp. founder Frank Lowy, purchased the 6,240-square-foot unit at a foreclosure auction earlier this month, but the buyer’s identity wasn’t clear at the time. The Wall Street Journal reports that Lowy controls the LLC that bought the unit.

Aluko, who is being investigated for money laundering in Nigeria and Europe, bought the 79th-floor unit for $50.9 million in 2014. But he defaulted on a $35.3 million mortgage he took on the condo in 2015.

Lowy owns another unit in the building on a lower floor and after his latest purchase, has listed it for $27 million. [WSJ]Kathryn Brenzel

Related Articles

TRD Talks Live

Watch tonight: Turning to tech on TRD Talks Live

(Credit: iStock)

Strong quarter for Manhattan home sales belies current struggle

Manhattan resi listings continue nosedive: report

Manhattan resi listings continue nosedive: report

252 East 57th Street and 196 Orchard Street with Samantha Sheeber and Tal Alexander

Closing in the time of Covid-19: “We’re pulling out all the stops”

Kuwait’s consul general in New York, Hamad Al-Hazeem and 50 United Nations Plaza (Credit: Google Maps)

Kuwait’s consul general buys 50 UN Plaza pad for $16M

Web searches for terms including “homes for sale” are way down up north. (Credit: Pixabay)

Fewer Canadians are searching for homes online amid pandemic

Massive stimulus package has limited upside for real estate

Massive stimulus package has limited upside for real estate

About 450 sellers pulled their listings last week (Credit: iStock)

As New York shut down, so did its resi market