Schrager unloads Nolita condo for $11M

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Ian Schrager and 285 Lafayette Street

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Hotelier Ian Schrager has sold his Nolita duplex to its tenant for $11 million in an unusual kind of rent-to-own deal. According to the Wall Street Journal, the 3,900-square-foot condominium hit the market in May 2009, but ongoing renovations at the 285 Lafayette Street building left the unit’s windows covered in plastic and rendered the property a tough sell. When a buyer — reportedly a technology entrepreneur — signed a contract to buy the apartment last March, he agreed to rent it for $40,000 per month until he decided whether or not to close. Ultimately, he got a 12 percent discount off of its $12.5 million asking price. Schrager, who now lives in a penthouse at 40 Bond Street, had enlisted brokers Kirk Rundhaug of Core and Dennis Mangone of Brown Harris Stevens to handle the sale. [WSJ]