The son of the richest man in the world is spreading the wealth in New York’s luxury real estate market.
Tiffany & Co. executive Alexandre Arnault paid $18 million for a penthouse at 30 Park Place, the Wall Street Journal reported. The Lower Manhattan building, which includes a Four Seasons hotel, was developed by Silverstein Properties and designed by Robert A.M. Stern Architects.
Arnault’s penthouse, which spans 4,000 square feet, includes four bedrooms and terraces with views of both of Manhattan’s surrounding rivers.
The unit was sold by a company linked to housing analyst Ivy Zelman, according to property records. The seller purchased the home in 2017 for $18.4 million, but put it back on the market two years later for $23 million before a series of price cuts.
Compass’ Toni Haber represented the seller. The Corcoran Group’s Ryan Kaplan represented the buyer.
The buyer is the 30-year-old son of Bernard Arnault, the head of French luxury conglomerate LVMH and the richest person in the world, estimated by the Bloomberg Billionaires Index to be worth an estimated $182 billion.
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Alexandre has served as an executive vice president of Tiffany since LVMH acquired the storied jewelry house for $15.8 billion in 2021, one of the biggest luxury brand acquisitions of all time. The executive has been credited with helping the brand target young, affluent customers and helping the Tiffany’s earnings double since its acquisition.
The elder Arnault is no stranger to massive real estate transactions. Last year, he sold a Beverly Hills mansion to himself for $84.5 million, essentially buying and selling the home as a means of transferring ownership to an affiliate of the French business magnate. He purchased the then-vacant lot in 2016 for $32.5 million.
The 74-year-old real estate developer and business mogul also owns the property next door, as well as a sizable chunk of Rodeo Drive through various holding companies.
— Holden Walter-Warner