Designer Andrew Rosen sold his penthouse in Manhattan for $18.5 million, after leaving his coveted job as CEO of the New York-based contemporary fashion label, Theory. Rosen sold his Greenwich Village apartment, at 130 West 12th Street, to Justin Korsant, Long Light Capital financier. He had purchased the home for $13 million in 2012, and listed it for $21.5 million in September 2018. Although he didn’t receive the full asking price, he did manage to profit over 42 percent on his investment.
As reported by The Real Deal, the handsome gain Rosen made on the sale can be attributed to the general increase in luxury residential prices in the Big Apple over the past seven years. Also, Rosen did a major renovation in the home, adding value, thanks to his interior designer wife Jenny Dyer.
Rosen retired as CEO of Theory in April, being replaced by the company’s chief operating officer, Dinesh Tandon. Rosen will, however, continue working with Theory as an advisor. Rosen had worked as the former CEO of Anne Klein and a Calvin Klein executive, when in 1997, he launched Theory with co-founder Elie Tahari. The company grew internationally and experienced so much success that in 2003, Link International purchased an 89% stake in Theory for $100 million. By the beginning of 2016, Theory had a total of 489 stores, with its headquarters still in NYC’s Meatpacking District.
Rosen’s penthouse boasted terraces connecting to all eight of the rooms. The terrace off the master suite was surrounded by tall trees, allowing for privacy, according to the listing. The home also featured a gym and a wood-burning fireplace in the living room.
The apartment is part of a posh five-building complex of condos and townhouses, named Greenwich Lane, where the former St. Vincent’s Hospital once was. The prewar building, developed by The Rudin Family, has been awarded the 2012 Sustainable Design Award by Global Green USA, as well as the LEED-NC Gold Certification from the US Green Building Council. Other well-known Greenwich Lane residents include Michael Kors, British fashion entrepreneur Tamara Mellon and German model Toni Garrn.
Now that Rosen has sold his Manhattan residence, it is not known if he will stay in the city and search for a new pad or move to one of his other homes. The retired CEO owns another house in Southampton, as well as a condo at the Four Seasons Residences at the Surf Club Miami, which he purchased in 2017 for $5 million.
Rosen’s listing agent was Leonard Steinberg of Compass. Brett Mitchell, also from Compass, represented the buyer. A spokesman for Rosen did not immediately comment.