Richard Saghian, founder and CEO of fashion brand Fashion Nova, continues to expand his portfolio in the prime international segment. The entrepreneur secured a penthouse in New York's Tribeca district for 31 million dollars. Saghian previously drew global attention in 2022 when he acquired the Los Angeles estate known as 'The One' for 141 million dollars at a foreclosure auction. With this latest acquisition on the East Coast, he adds another trophy asset to his holdings.
The transaction also marks a significant milestone for the residential tower at 111 Murray Street: with the sale of the penthouse, the 157-unit building is fully sold out more than ten years after sales commenced in the summer of 2015. Marketing on the vendor side was handled by Emily Sertic of Douglas Elliman, whilst Ryan Serhant of SERHANT represented the purchaser.
Panoramic views and expansive interior layouts
Designed by architect David Mann, the full-floor residence encompasses 7,675 square feet of living space and features an additional 233 square feet of private terraces. Continuous floor-to-ceiling glazing provides unobstructed views of the Hudson River, the East River, New York Harbor, and the skylines of Midtown and Downtown Manhattan. The centrepiece of the property is a living and reception space of roughly 1,995 square feet, leading directly into a fully equipped eat-in kitchen with appliances by Wolf, Miele, and Sub-Zero.
In addition to a library and an art gallery, the accommodation comprises five bedrooms and six and a half bathrooms. The primary suite extends across 1,372 square feet and includes its own terrace, two bespoke dressing rooms, and two separate bathrooms. The remaining four bedrooms each feature an en-suite bathroom as well.
Extensive in-house amenities
Complementing the private living space, the building offers a broad range of communal facilities for wellness, leisure, and hospitality:
- —Wellness centre with a hammam, treatment rooms, fitness area, and a 75-foot indoor lap pool
- —Event spaces featuring a private dining room, demonstration kitchen, and separate screening room
- —Family leisure facilities including a children's playroom, splash pad, and teenagers' lounge
- —Round-the-clock concierge service, a glass-enclosed patisserie, and landscaped outdoor grounds
With this transaction, Saghian underscores his appetite for high-profile prime properties in premier US locations. The 157-unit tower is among the defining residential developments in Tribeca and, with this sale, consolidates its position in Lower Manhattan's luxury residential market.
