The Real Deal New York

Indian steel tycoon’s family paid $25M for Trump International pad: sources

Japanese billionaire Katsumi Tada is the seller
By Konrad Putzier | April 16, 2018 04:25PM

Lakshmi Mittal and 1 Central Park West

Lakshmi Mittal and 1 Central Park West

A member of the Mittal family, whose patriarch Lakshmi Mittal heads the world’s largest steel producer ArcelorMittal, paid $25 million for an apartment at Trump International Hotel and Tower in Manhattan, according to sources familiar with the deal.

It wasn’t immediately clear if Lakshmi himself or one of his relatives bought the 6,360-square-foot unit from Japanese real estate developer Katsumi Tada. The apartment sits on the 47th floor of the 52-story tower at 1 Central Park West.

Douglas Elliman’s Howard Margolis, who brokered the deal with Marie Espinal and Jeff Adler, declined to comment on the identity of the buyer, citing a non-disclosure agreement, as did attorney Petro Zinkovetsky, who represented the seller. An attorney representing the buyer did not immediately respond to a request for comment.

An entity called Newark (US) LLC signed a contract to buy the apartment on January 12, property records show. The sale closed on March 19.

The Wall Street Journal first reported the sale, but did not identify a buyer.

Lakshmi, a British resident and co-owner of the Queens Park Rangers soccer club, is the world’s 62nd richest man with a net worth of $18.5 billion, according to Forbes. As of Monday afternoon, ArcelorMittal’s share price was down more than 10 percent from its peak in late January, following the Trump administration’s March announcement of tariffs on steel imports.

Tada, who heads Daisho Development, bought the unit for $26 million in 2006. He first listed the property for sale in March 2016 for $40 million, later dropping the price to $27.5 million and then to $25 million.

The unit hit the market as ultra-luxury sales slowed across Manhattan, and Zinkovetsky said the Trump brand didn’t help. “The building had a bit of a drop in price because of the name,” he said.

In early March, a fire broke out in the unit next door to Tada’s. Although his apartment wasn’t damaged, the hallways had to be cleaned. “The seller just decided that he’s going to have to be very aggressive and competitive to sell the unit,” Margolis said.

The apartment includes six bedrooms, six bathrooms and wood floors taken from a French castle.