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

Silvio Scaglia bought the $55M unit

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

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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.