L&L’s David Levinson finds buyer for his $50M UES home
Developer said to be escaping pandemic city, changing tax residency
David Levinson has found a buyer for his Upper East Side townhouse.
The chairman and CEO of big commercial real estate firm L&L holding had been shopping his 16,350-square-foot home at 11 East 69th Street off-market for some time before finding a buyer willing to spend at least $50 million for it, the New York Post reported.
Levinson bought the six-story house with his wife Simone for $9.5 million in 2004. The couple sank about $25 million into an extensive renovation.
According to the Post’s source, the Levinsons decided to sell because they didn’t want to be in New York City during the pandemic and could lower their tax bill by relocating. The couple also has homes in the Hamptons and Palm Beach, Florida.
Florida has no state income tax, while the combined tax rate in New York City and state is nearly 13 percent. Selling a primary residence is the most convincing evidence that a New Yorker trying to establish tax residency elsewhere can present to the state’s tax department, experts say.
A source familiar with Levinson’s sale told The Real Deal that the buyer is a New York-based family, and that broker Adam Modlin of the Modlin Group represented both parties.
[NYP] — Erin Hudson