WeWork’s Adam Neumann buys $35M spread on Irving Place

CEO of $20B co-working firm sews up 4 pads in Gramercy

New York /
Dec.December 11, 2017 06:32 PM

Adam Neumann, the co-founder and CEO of co-working space behemoth WeWork, has put together a swanky eyrie on Irving Place in Gramercy, The Real Deal has learned.

Neumann, whose company was most recently valued at $20 billion following a multibillion-dollar investment from Softbank, closed on four units at a seven-story Building On Irving Place, according to sources familiar with the deal. Property records show a buyer paid $18 million for a 4,400-square-foot duplex penthouse with four bedrooms, 5.5 bathrooms and a private roof terrace; $9.5 million for a 2,210-square-foot, three-bedroom pad on the fifth floor; and a combined $7.2 million for two units on the first floor.

Combining the upper units gives Neumann a triplex in one of Manhattan’s toniest neighborhoods, as well as a convenient guest spread on the first floor.

Records show that Neumann bought the penthouse and the first-floor units directly from the sponsor, Silverstone Property Group, and bought the fifth-floor unit from a Florida-based entity, Violet Properties LLC. Douglas Elliman had the penthouse listing.

Silverstone, a real estate investment company formed by Martin Nussbaum, now of Slate Property Group, and Josh Zegen and Brian Shatz, now of Madison Realty Capitalpaid $18 million for the former rental property in June 2013. Sources familiar with the asset said Madison took control of it once the partners split up. They converted it into a condo with a total sellout of over $57 million, filings with the New York Attorney General show. With the Neumann deals, the project is sold out, the sources said.

Neumann, who Forbes estimates is worth $2.6 billion, is WeWork’s largest shareholder. He’s made other pricey residential purchases in recent years, including a $10.5 million Greenwich Village townhouse. While that property is being renovated, Neumann and his family have been renting a four-bedroom apartment at 18 Gramercy Park – right next to his new digs.

 

Related Articles

arrow_forward_ios
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
WeWork CEO Adam Neumann (Credit: Getty Images and iStock)
WeWork’s side businesses are fizzling
WeWork’s side businesses are fizzling
Sarah Pontius (Credit: Union College)
Another head rolls at WeWork
Another head rolls at WeWork
Compass CEO Robert Reffkin (iStock, Getty/Illustration by Kevin Rebong for The Real Deal)
How much Compass paid to scale up
How much Compass paid to scale up
Houston House at 298 East 2nd Street and Matt Lee (Houston House, LinkedIn)
Developer Matt Lee to auction off East Village condo
Developer Matt Lee to auction off East Village condo
Michael Stern and Walker Tower unit 15B (JDS, Google Maps)
Michael Stern’s Walker Tower pad sells for 24% under ask
Michael Stern’s Walker Tower pad sells for 24% under ask
Homebuilding is largely responsible for the increase in construction spending. (Getty / Photo Illustration for The Real Deal)
Construction spending hits new record in January
Construction spending hits new record in January
A Columbus Circle apartment once owned by Tom Brady and Gisele Bundchen  went into contract last week, helping the Manhattan luxury home market finish February on a high note. 551 West 21st Street on the right. (Photos via Compass, Getty, Foster and Partners)
Manhattan luxury market has best month in six years
Manhattan luxury market has best month in six years
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...