Retail Heir Trades Up to One57 Penthouse -- WSJ
01 Dicembre 2017 - 9:02AM
Dow Jones News
By Katherine Clarke
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (December 1, 2017).
A limited liability company controlled by David Lowy, whose
father Frank Lowy founded retail giant the Westfield Corp., spent
approximately $36 million on a condominium on New York City's
Billionaire's Row at a recent foreclosure auction, according to two
people with knowledge of the deal.
The unit, a penthouse at One57 at 157 West 57th Street, had been
owned by shell companies linked to Kolawole Akanni Aluko, a
Nigerian businessman accused by the U.S. of conspiring to pay
bribes to the country's former oil minister in return for steering
oil contracts to companies owned by Mr. Aluko and his partner, The
Wall Street Journal reported. One of Mr. Aluko's lenders filed to
foreclose on the property earlier this year, public records show.
Mr. Aluko and the former oil minister Diezani Alison-Madueke didn't
respond to a request for comment.
Mr. Aluko's entity bought the apartment for $50.9 million in
2014, public records also show. The sale marked the highest price
ever paid in a residential condo foreclosure auction in New York,
according to appraiser Jonathan Miller.
The 6,240-square-foot unit has four bedrooms and 4 1/2 baths and
sweeping views of the city and Central Park, according to a
previous listing.
The unit is the second apartment Mr. Lowy has purchased in the
building. Following the deal, he is now listing his apartment on a
lower floor for $27 million. If it sells for its asking price, he
would post a loss on the unit, which he bought for approximately
$28 million in 2015, according to public records. The
4,116-square-foot unit comprises three bedrooms and 3 1/2 bathrooms
and has been has been completely upgraded by the owner, according
to the listing.
The listing agents for Mr. Lowy's unit, Cathy Franklin, Alexis
Bodenheimer and Marion Smith of the Corcoran Group, declined to
comment on the listing or confirm the identity of their client.
Mr. Lowy, a former executive at Westfield, runs the Lowy Family
Group, his family's investment office, according to his website.
The Australian businessman is also a musician, the website
said.
(END) Dow Jones Newswires
December 01, 2017 02:47 ET (07:47 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Grafico Azioni Westfieldc Stapled (ASX:WFD)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Westfieldc Stapled (ASX:WFD)
Storico
Da Giu 2023 a Giu 2024