Half of an $80 million penthouse at the Herzog & de Meuron-designed 160 Leroy Street is expected to close at $43 million, making it the most expensive home sold south of 14th Street, The New York Post reports.
This larger half of the penthouse went into contract last October with an asking price of $51 million. Michael Rubin, the co-owner of the basketball team Philadelphia 76ers, and the CEO of the e-commerce company, Kinetic, has been identified as the buyer, according to Curbed NY.
While the sale hasn’t officially closed sources have told several publications including the Wall Street Journal that the sale will close in the coming weeks in the early to mid-$40 million range.
Rubin’s new condo measures 7,750 square feet and comes with five bedrooms, and five full bathrooms. In addition, the apartment has nearly 5,000 square feet of private outdoor space including a 27-foot outdoor swimming pool. The other half of the $80 million penthouse also went into contract asking $31.5 million, but that sale hasn’t yet closed either, Curbed NY reports.
The record set by this sale will probably be beaten when sales start closing at 70 Vestry, where a $65 million and $50 million penthouse are in contract.
Rubin’s company also owns several online brands in addition to Fanatics, including retail websites Rue La La and ShopRunner. His previous company, GSI Commerce, sold to eBay for about $2.4 billion in 2011, The Wall Street Journal reports.
Rubin was represented by Dana Power of the Corcoran Group, who declined to comment. Madeline Hult Elghanayan, Lauren Muss, Kirk Rundhaug and Dennis Mangone of Douglas Elliman represented the developer. A spokesman for Douglas Elliman declined to comment to The Wall Street Journal.
Rubin was born to a Jewish family, the son of Paulette and Ken Rubin. His mother is a psychiatrist and his father a veterinarian. He grew up in Lafayette Hill, Penn., where he started a ski-tuning shop in his parents’ basement when he was 12 and two years later, he used $2,500 in bar mitzvah gifts as seed capital and a lease signed by his father to open a formal ski shop in Conshohocken, Penn., named Mike’s Ski and Sport.
By the age of 16, he was some $200,000 in debt and was able to settle with his creditors using a $37,000 loan from his father under the condition he attend college. Rubin agreed, continuing to operate the business, which grew to five ski shops before he entered college.
He attended Villanova University for a semester before dropping out after realizing a large gain on an opportunistic transaction.
Using the proceeds from his serendipitous overstock transaction and after selling his ski shops, he went on to found the athletic equipment closeout company KPR sports–named after his parents’ initials–which bought and sold over-stock name brand merchandise. In 1993, the year Rubin turned 21, KPR reached $1 million in annual sales. In 1995, KPR reached $50 million in sales. In 1995, Rubin purchased 40 percent of the women’s athletic shoe manufacturer Ryka.
By: Dana Goldman
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