Fashion Nova Founder Richard Saghian Acquires a Tribeca Penthouse for $31 Million
Richard Saghian, the dynamic founder and CEO of the prominent fast-fashion enterprise Fashion Nova, has further solidified his presence in the ultra-luxury real estate market with a notable acquisition on the East Coast. Following a series of high-profile investments in opulent properties across the West Coast, Saghian has now purchased a sprawling penthouse in New York City's coveted Tribeca neighborhood for a reported $31 million. This transaction not only adds a prime Manhattan residence to his impressive collection but also signifies the complete sale of all units within the esteemed 111 Murray Street condominium.
Saghian's real estate ventures have consistently made headlines, demonstrating his discerning taste for exclusive and high-value properties. In 2022, he garnered significant attention for his record-breaking $141 million bid at auction for 'The One' megamansion in Bel Air, Los Angeles, a property epitomizing West Coast extravagance. Shortly thereafter, despite already possessing a beachfront estate in Malibu, he invested an additional $40 million in an all-cash transaction for an even grander residence along the prestigious Carbon Beach. His portfolio also includes several upscale properties on Miami Beach's exclusive North Bay Road, showcasing a broad and diversified approach to luxury real estate.
The newly acquired penthouse, situated atop the 64-story glass and steel edifice completed in 2018, offers an expansive living space of approximately 7,700 square feet. This full-floor residence boasts five bedrooms, six full bathrooms, and an additional powder room. The interiors, meticulously designed by the renowned David Mann, feature elegant herringbone white oak flooring, soaring 14-foot ceilings, and extensive windows that provide breathtaking panoramic views of the city skyline, river, and harbor. Furthermore, the residence includes an additional 233 square feet of private terraces, offering exclusive outdoor living spaces.
The entrance to the penthouse is through a secure elevator landing, opening into a magnificent great room. This central area seamlessly transitions into a spacious living and dining zone, dominated by a striking linear gas fireplace integrated into a custom Cippolino Nero stone wall. Culinary enthusiasts will appreciate the sleek eat-in kitchen, equipped with custom white oak cabinetry, luxurious Dover White marble countertops, an oversized island, and state-of-the-art appliances from esteemed brands like Wolf, Miele, and Sub-Zero, complemented by a convenient butler's pantry.
The private wing of the residence houses the primary suite, an impressive space spanning nearly 1,400 square feet. This lavish retreat features a dedicated sitting area, a wet bar, and two dressing rooms, alongside dual stone-clad bathrooms, highlighted by a freestanding BluStone soaking tub. Each of the four additional guest bedrooms is thoughtfully designed with its own en-suite bathroom and walk-in closet. A versatile study with double pocket doors extends from the main gallery, while a designer powder room and a dedicated utility room complete the extensive amenities of this sophisticated urban dwelling.
Residents of 111 Murray Street benefit from access to over 20,000 square feet of world-class amenities, meticulously designed by David Rockwell. These include a 75-foot indoor lap pool, a serene wellness suite featuring a heated stone hammam, a fully equipped fitness center, a luxurious beauty salon, and a chic espresso bar and cafe, all contributing to an unparalleled living experience.
Saghian's acquisition marks the final sponsor unit sold in the 157-unit tower, bringing the building to full occupancy since its pre-construction sales commenced in mid-2015. While several homes have since been relisted by individual owners, this particular penthouse represented the last remaining unit directly from the developer. Emily Sertic of Douglas Elliman managed the listing, with Ryan and Emilia Serhant of Serhant representing Mr. Saghian in this significant transaction, further cementing Tribeca's status as a premier destination for luxury living.
