Jennifer Lawrence’s Upper East Side PH sold at 37% loss

Oscar winner sold condo to entity that lists chairman of Lebanon’s AM Bank as its manager

New York /
Aug.August 03, 2020 05:12 PM
Marwan Kheireddine (inset), Jennifer Lawrence and 400 East 67th Street (Getty, Compass, BDL Accelerate)

Marwan Kheireddine (at left), was listed as manager of LLC that bought the condo; Jennifer Lawrence and 400 East 67th Street (Getty, Compass, BDL Accelerate)

Oscar winner Jennifer Lawrence sold her 4,070-square-foot Upper East Side penthouse at a hefty loss.

The actress sold the full-floor unit at Alexico Group’s Laurel Condominium for $9.9 million late last month, property records show. The price was nearly 37 percent below the $15.6 million she paid in 2016.

The buyer is a limited liability company called John’s Mountain. It is managed by Marwan Kheireddine, the chairman of Lebanon’s AM Bank and a former Minister of State of the country.

When reached for comment, Kheireddine said the trade was not a personal purchase.

“I manage John’s Mountain. The owner doesn’t wish to comment on the transaction which is purely commercial in nature,” he wrote in a message.

The LLC Kheireddine manages has taken out a nearly $6 million mortgage on the condo from San Diego-based Axos Bank, according to records. He is the signatory on all documents related to the unit and its mortgage.

Despite the loss, Lawrence made out better than the market with a deal that pencils out to $2,439 per square foot. The average sales price per square foot for an UES condo was $1,713 in the first quarter. That slid to $1,473 last quarter, as the market froze when the coronavirus pandemic took hold.

The three-bedroom unit at 400 East 67th Street has a two-story landscape terrace that stretches nearly 3,000 square feet and includes an outdoor kitchen and fireplace. The condo is accessed through a key-lock elevator.

The unit went into contract in late January with the asking price of $12 million. Lawrence first listed the unit last July for $15.45 million. The New York Post first reported on the closing last week.

Listing agent Pamela D’Arc of Compass declined to comment.

Write to Erin Hudson at [email protected]


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