The Fabulous Real Estate Of WeWork Co-Founder And CEO Adam Neumann
WeWork co-founder and CEO Adam Neumann has been making headlines in recent months for his role in propelling the co-working giant forward. From launching a fitness and wellness concept to ushering in a pilot program for a new elementary school, Neumann has been at the forefront of a number of deals.
But the dealmaking is not limited to his work life. While he has been expanding WeWork's $20B empire, Neumann has also been building his own, according to the Wall Street Journal. From a Westchester County estate to a recently acquired Gramercy property, here are several assets owned by Neumann.
Why buy one when you can buy four? In a recent residential real estate purchase that closed this month, according to sources uncovered by The Real Deal, Neumann bought four units in a seven-story building for $34.7M in Gramercy, New York. Individually, the price tag for each unit was: $18M for a 4.4K SF duplex penthouse with four bedrooms, 5.5 bathrooms and a private roof terrace; $9.5M for a 2.2K SF, three-bedroom unit on the fifth floor; and $7.2M for the two units on the first floor, The Real Deal reports. The new triplex will be near the four-bedroom apartment Neumann has been renting at 18 Gramercy Park.
41 West 11th St.
Purchased in 2014 for $10.5M, Neumann's Greenwich Village home is a six-bedroom, 5.5 bathroom Greek Revival-style townhouse. Built in 1847, the home boasts original hardwood flooring and a total of seven wood-burning fireplaces for those particularly cold New York nights, The Real Deal reports. The home is under construction, but once complete, it will have a fully renovated basement as well as a “stroller parking garage.”
34 Boutonville Road, Pound Ridge, Westchester County
Last year, Neumann and his wife, Rebekah Paltrow Neumann, decided to venture into the country with the purchase of a 60-acre Linden Farm estate in Westchester. The farm was on the market for $22M, but the actual purchase price remains unknown.
Much like the Greenwich Village home, the estate, originally built in 1929, has a historic allure. The eight-bedroom property features a 13.7K SF main house in addition to a horse stable with a riding ring, a pool and a tennis court, The Real Deal reports. There is a 4,000-acre nature preserve next door.
Who says running a $20B company does not come with perks? Neumann and his wife invested in a home in the Hamptons back in 2012. Little is known about the property aside from the purchase price of $1.715M. However, given the location, one can assume it serves as a place for family members to kick up their feet and relax when the opportunity arises.
18 Gramercy Park
While Neumann does not own real estate at 18 Gramercy Park, he and his family have been renting a 4.2K SF condo in the building for several years. The condo has served as a second home while the Greenwich Village townhouse is under construction. The exact cost of the unit is unknown, but according to The Real Deal, a similar condo is currently listed for $46,500 per month.