This Italian telecom entrepreneur is the buyer behind the 70 Vestry PH

Silvio Scaglia bought the $55M unit

New York /
Dec.December 12, 2018 05:18 PM

70 Vestry Street and Silvio Scaglia (Credit: Getty Images)

Silvio Scaglia, an Italian telecom entrepreneur, is the buyer of the 70 Vestry Street penthouse.

Scaglia is listed as the director of “SW Vestry LLC” — the buyer entity of the property — in mortgage documents. He is financing the purchase with a $33 million mortgage from JPMorgan Chase.

Once expected to be the priciest sale in Downtown Manhattan, the penthouse at the Related Companies project instead sold at a steep discount. Scaglia paid $55 million for the unit, which had been listed for $65 million. The current record is held by the penthouse at the Getty on West 24th Street by the High Line, which closed for $59 million in May.

A REAL New York team including Louis Adler, Binyamin Weinstein and Robert Rahmanian represented the buyer.

Scaglia is the founder of Fastweb, an Italian telecom company, and Babelgum, an internet television platform. Scaglia is also the founder and chairman of Pacific Global Management Group, a holding company that controls several modeling agencies and the Italian lingerie brand La Perla.

The penthouse sale followed a few other recent deals at 70 Vestry. Related’s chairman Stephen Ross bought a $6.9 million condo at the building. And film producer and director Jack Heller bought a unit in October as well for $18.8 million.


Related Articles

arrow_forward_ios
Related Companies’ Stephen Ross and The Cortland (Related Companies, The Cortland, Getty)
New development boom dead, with mortgage rates a prime suspect
New development boom dead, with mortgage rates a prime suspect
614 Hudson Street in Hoboken (Photos via Brown Harris Stevens)
Sign of the times: Hoboken townhouse sells $1M below ask
Sign of the times: Hoboken townhouse sells $1M below ask
From left: A photo illustration of Gary Barnett and Ryan Serhant along with the Central Park Tower (Getty, SERHANT, Percival Kestreltail, CC BY-SA 3.0 - via Wikimedia Commons)
“I’m like the yin to his yang”: Why Barnett tapped Serhant to sell his crown jewel
“I’m like the yin to his yang”: Why Barnett tapped Serhant to sell his crown jewel
Airbnb CEO Brian Chesky (LinkedIn, Illustration by The Real Deal with Getty)
Here’s what Airbnb spent on federal lobbying
Here’s what Airbnb spent on federal lobbying
A photo illustration of Homie co-founder Johnny Hanna (Getty Images, Homie)
Homie CEO departs as startup lays off more employees
Homie CEO departs as startup lays off more employees
John Catsimatidis with 48 Haights Cross Road (Getty, Elite Auctions)
John Catsimatidis gets 87-acre Westchester estate for a steal
John Catsimatidis gets 87-acre Westchester estate for a steal
Mortgage applications plunge 14%
Mortgage applications plunge 14% in a single week
Mortgage applications plunge 14% in a single week
Town & Country's Judi Desiderio (Getty,  Town & Country Hamptons)
Hamptons, North Fork sales data emerge in wake of computer hack
Hamptons, North Fork sales data emerge in wake of computer hack
arrow_forward_ios

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

Loading...