The former top executive of Estée Lauder Companies has sold his fancy Fifth Avenue luxury apartment to Evan Cheng, the co-founder and CEO of blockchain company Mysten Labs and a former senior engineer at Meta, the New York Post reports.
The apartment is in a historic limestone building at 998 Fifth Avenue, finished in 1912, and now has a very high-profile new owner.
The apartment has four bedrooms, five bathrooms, a kitchen you can eat in, and big windows with amazing views of Central Park and the Metropolitan Museum of Art, according to Zillow.
This sale is part of a bigger trend: Lauder seems to be selling some of his expensive properties. He is also trying to sell another Manhattan apartment at 778 Park Avenue.
The price there was recently cut from $27 million (AUD 41.6 million) to $25 million (AUD 38.5 million).
Lauder bought that Park Avenue apartment, which used to belong to former Revlon boss Ronald Perelman, for $24 million (AUD 37 million) in 2023.
He also owns another apartment in the same building, which he bought in 2008 for $27.5 million (AUD 42.4 million). That apartment was once listed for $45 million (AUD 69.3 million) but didn’t sell at that high price.
Cheng paid a big amount for the Fifth Avenue apartment, making it one of the most expensive co-op sales recently. This sale shows that even with ups and downs in the housing market, people still want luxury apartments in the best parts of Manhattan.
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The writer is a real estate journalist specializing in all types of New York City properties, including luxury residences, commercial spaces, and homes.
He also writes humorous articles about real estate, investors, and realtors.
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