The Real Deal New York

76ers co-owner to pay record price for downtown Manhattan penthouse

Michael Rubin will spend more than $40M on a home at 160 Leroy Street
July 13, 2018 08:10AM

Michael Rubin and 160 Leroy Place (Credit: Ian Schrager Company)

The Philadelphia 76ers may have lost out on the LeBron James sweepstakes, but team co-owner Michael Rubin will be able to perk himself up with a new $40 million-plus Manhattan penthouse.

Rubin, who also owns the online sports merchandise retailer Fanatics, went into contract for the property at Ian Schrager’s 160 Leroy Street in October, and when the deal closes, it will be the most expensive home ever sold below 14th Street in Manhattan, according to the Wall Street Journal.

However, it is likely to be a short-lived record, as a nearby penthouse at 70 Vestry is also in contract for $65 million.

The five-bedroom penthouse, which was listed at $51 million, spans roughly 8,000 square feet. Amenities include a landscaped roof terrace, a private outdoor pool, a library and a quartet of fireplaces. Schrager in 2016 divided what would have been a 12,200-square-foot apartment into two units. The smaller of the two, a 4,849-square-foot condo, went into contract with an asking price of $31.5 million last June, according to StreetEasy.

Rubin’s company also owns the retail websites ShopRunner and Rue La La, and he sold his prior company GSI Commerce to eBay in 2011 for roughly $2.4 billion.

Douglas Elliman‘s Madeline Hult Elghanayan, Lauren Muss, Kirk Rundhaug and Dennis Mangone represented Schrager, while the Corcoran Group‘s Dana Power represented Rubin. [WSJ] – Eddie Small