The Real Deal New York

This VC exec just snatched up a $15M penthouse at 56 Leonard

Paul Conway purchased the unit, which was previously listed for $18M
By Meenal Vamburkar | January 04, 2019 06:15PM

56 Leonard (Credit: iStock)

The penthouses at Alexico Group’s 56 Leonard Street are proving to be popular among finance executives.

A trust associated with Paul Conway, CFO at Spark Capital Partners, bought the unit for $15.46 million, according to records filed with New York City’s Department of Finance. The buyer is listed as “56 Leonard PH52B Nominee Trust” in records, and Conway is listed as a trustee.

The penthouse, which spans about 3,700 square feet, was listed at $17.75 million. The four-bedroom condo boasts 14-foot ceilings and a private balcony. The building’s amenities include 75-foot lap pool with a sundeck, a screening room and a private dining room.

Conway co-founded Spark Capital — which has invested in high-profile startups including Tumblr, Warby Parker and Postmates. Previously, Conway was CFO at Charles River Ventures, a VC firm focused on early-stage funding. He didn’t immediately respond to request for comment.

Alexico Group put more than a decade of work into 56 Leonard, which stalled during the financial crisis. After years of delays, closings began in 2016. Within a month of the sales launch in 2013, 50 percent of the units were in contract for a reported $450 million.

In 2017, another penthouse sold in the building — for the steep price of $47.8 million. And last year, Leon Shaulov, a hedge fund manager and former trader at the disgraced Galleon Group, spent $27 million on a penthouse there.