The Real Deal New York

Canadian billionaire price-chops One57 pad by $11M, sells it a few weeks later

Unidentified buyer paid $59M for Lawrence Stroll's pad
April 25, 2018 05:20PM

The 85th floor at One57 and Lawrence Stroll (Credit: Getty Images)

An apartment 85 floors above the Manhattan skyline at One57 finally sold — all it took was the Canadian billionaire seller slashing the price by at least $11 million.

Lawrence Stroll’s three bedroom pad sold to an unknown buyer with a last asking price of $59 million, according to Mansion Global. The unit had been price slashed from $70 million in March and went into contract Monday.

Stroll, who lived in the unit with his family, paid $55.6 million for the 6,240-square-foot pad in 2014. He renovated the unit to include a “hidden ceiling TV” and a “sculpted ceramic wall” created by artist Peter Lane.

With an estimated fortune of $2.7 billion, Stroll made a name as a fashion investor, helping to mastermind Michael Kors IPO in 2011 and has poured money into Ralph Lauren and Tommy Hilfiger, according to Mansion Global.

Stroll is a collector of vintage Ferraris and McLarens and owns Canada’s Circuit Mont-Tremblant race circuit. He paid $27.5 million at auction for a vintage Ferrari in 2013, a record at the time. He also owns a $13.5 million condo at Miami’s Fisher Island, which he bought in 2014.

The unit was listed by Sotheby’s International’s Nikki Field.

One57, developed by Extell Development, are nearing total sell out amid a slowing luxury market. Last month a duplex condominium at One57 was listed for sale for the first time ever, with a $28.5 million price tag. Nest Seekers International’s Ryan Serhant is marketing the 5,129-square-foot apartment, dubbed “Spring Garden Residence.” It includes five bedrooms and a 17- by 28-foot solarium. [Mansion Global] — David Jeans

Clarification: The final sales price isn’t yet known; its last asking price was $59 million.