An apartment tied to an embattled Australian construction magnate is on the market, asking $27 million.
Daniel Grollo is CEO of Melbourne-based construction company Grocon. The company was behind some of the city’s most iconic buildings, including Eureka and Rialto towers, before falling into financial trouble in recent years.
The unit’s listing comes after the company slipped into administration, a process similar to bankruptcy proceedings in the United States, where creditors found the firm was underwater for more than 100 million Australian dollars, around $70 million.
The apartment is in a corporate entity and sits outside the current Grocon administration, according to The Australian. In 2021, creditors pushed administrators to act to capture the sale proceeds of the apartment after administrators concluded they could only recover 10 percent of its, at the time, $40 million price tag.
Grollo purchased the unit for $14.8 million in 2012, before the executive and his family relocated to New York. The Streeteasy listing shows the apartment first hit the market in 2020 with Sotheby’s International Realty, asking $32.5 million.
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Alon Chadad, founder of Blu Real Estate founder and agent on the listing, declined a request for comment. Grollo did not respond to requests for comment.
The unit is nearly 5,500 square feet, with views of Central Park. There are four bedrooms and four and a half bathrooms across ten rooms. Each bedroom has a bathroom ensuite.
The unit includes some recent upgrades, according to the listing. Other features include a full-height custom wine cellar, custom lighting installations and polished urethane floors.
The listing comes after administrators sold Grollo’s sub-penthouse unit on the 80th floor of Melbourne’s Eureka Tower for around the expected 10 million to 11 million Australian dollars.