Jho Low’s former Soho condo sells at a discount

Property sold as part of forfeiture lawsuit mounted by the U.S. government

TRD New York /
May.May 20, 2020 05:39 PM
102 Prince Street and Jho Low (Credit: Modlin Group; Low by Michael Loccisano/Getty Images for New York Times)

102 Prince Street and Jho Low (Credit: Modlin Group; Low by Michael Loccisano/Getty Images for New York Times)

UPDATED, MAY 21, 2020, 11:42AM: A luxury condo that once belonged to Malaysian fugitive Jho Low has been sold by the U.S. government at a sharply discounted rate.

The two-bedroom, second-floor unit at 102 Prince Street — also known as 118 Greene Street — was sold to an anonymous LLC for $7.6 million, property records show. That’s down from the $8.5 million when it went into contract last month, and the $9.9 million asking price when it was listed last July. Adam Modlin of Modlin Group had the listing.

Low, who was known for his extravagant lifestyle, dropped $13.8 million on the home in 2014. It was one of several luxury properties he bought in New York and California.

The properties later became the subject of forfeiture lawsuits mounted by the U.S. government, which accused him of buying them using money stolen from Malaysia’s sovereign wealth fund, 1MDB.

The Prince Street unit is the second of Low’s forfeited properties to close this year. The other, a mansion in West Hollywood, sold in March for $18.5 million — less than half of what Low paid eight years ago.

While the latest sale price is a roughly 45 percent discount from the $14 million Low paid in 2014, that price was somewhat of an anomaly in the property’s history: In 2003, the unit sold for $2.7 million, before trading at $8.9 million in 2012. When Low purchased the property through an entity two years later, he accepted a jump of $4.9 million.

A 4,341-square-foot, three-bedroom unit in the building sold in 2016 for $9.2 million, according to StreetEasy.

In recent months, the pandemic has added further pressure to the sales market. Since the state shut down, buyers in existing contracts have sought to renegotiate deals, and new contracts have slowed to a trickle.

Write to Sylvia Varnham O’Regan at [email protected]

Correction: An earlier version of this story incorrectly stated the floor of the building that Low’s former unit is located on. 


Related Articles

arrow_forward_ios
Molly Townsend (Getty, iStock)

Ex-Douglas Elliman sales manager Molly Townsend joins Triplemint

Ex-Douglas Elliman sales manager Molly Townsend joins Triplemint
New home listings in Manhattan are up for the 4th week in a row. Contract signings, not so much. (Getty; iStock)

Manhattan resi listings are up while contracts “limp along”

Manhattan resi listings are up while contracts “limp along”
the 2 Waterline Square condo and 173 Perry Street #4N (Credit: Corcoran, Realtor)

Outdoor space seals deal in tough luxury market

Outdoor space seals deal in tough luxury market
The process for challenging property assessments is so antiquated, officials won’t do Zoom meetings. (iStock)

“A recipe for disaster”: Fighting property taxes in a pandemic

“A recipe for disaster”: Fighting property taxes in a pandemic
(Credit: iStock)

Loan applications to buy homes rise for fifth week

Loan applications to buy homes rise for fifth week
For the first time in six weeks, the number of Manhattan homes that went into contract increased. (Credit: iStock)

Manhattan home deals jumped 52% last week

Manhattan home deals jumped 52% last week
An institutional investor’s sale of a 7 percent stake in an exchange-traded real estate fund reveals deep concerns about the sector. (Credit: iStock)

Mystery investor dumps big stake in real estate fund

Mystery investor dumps big stake in real estate fund
Penthouse at the Pacifica tower (Credit: The Pacifica)

A “super penthouse” in New Zealand hits the market, aiming for a price record

A “super penthouse” in New Zealand hits the market, aiming for a price record
arrow_forward_ios

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

Loading...