Adam Neumann is trying to unload his Gramercy Park triplex, as seen in this listing photo, for the fifth time now since 2019.
Photo: Compass
Adam Neumann and his wife, Rebekah, have spent the last five-plus years trying to unload their Gramercy Park penthouse triplex, clearly without success. Now, the ousted WeWork founder’s apartment at 78 Irving Place has been relisted with a new price cut, per the New York Post. And a new, sort of indecipherable sales pitch. “This is a singular apartment in today’s market. It should be advertised as such,” Compass’s Jason Haber, who holds the listing along with Madeline Hult Elghanayan of Douglas Elliman, told the paper. “And so we bifurcated it to one that is no longer on the market. And now we’re focusing our full efforts on this very special residence in and of itself, not with another apartment attached to the sale.”
The three-story penthouse is newly priced at $22.75 million, and comes with five bedrooms and four baths (one of which appears to be “Yellow Submarine” themed), plus a pair of powder rooms. So what is bifurcated, exactly? Neumann had purchased the triplex for $27.5 million in 2017 while also picking up the one-bedroom, 1.5-bath duplex downstairs from it for $7.2 million. In 2020, after failing to sell just the triplex, he packaged the two properties together and relisted the whole thing for $37.5 million. It didn’t sell.
It also didn’t sell when he listed the package again in 2023, that time for $32 million. He listed the triplex again in 2024 for $25 million, this time cutting out the downstairs guest apartment. It didn’t sell then, either! The latest offering once again excluded the second apartment, as the couple now apparently plans on keeping the place for themselves, sources told the Post.
Neumann’s Gramercy Park triplex, as shown in this listing photo, is on the market for $22.75 million, this time without a downstairs guest apartment.
Photo: Compass
Neumann, of course, will need somewhere to crash when in town pitching investors on his latest, vibes-y real-estate venture, Flow. The new multifamily housing company, with a reported valuation of $2.5 billion, has a portfolio of roughly 4,000 luxury rentals in the southeastern United States, plus some properties in Saudi Arabia, and a 466-unit rental–condo tower in Miami that’s currently under construction. (A Nashville property Flow co-owns with Yieldstreet sold at a loss this year in May; Neumann’s family office is also reportedly looking to sell its stake in an Atlanta property that’s rumored to be distressed.)
If it doesn’t sell this time around, maybe Neumann should try adding it to Flow’s rental portfolio?
Neumann’s penthouse triplex, as shown in this listing photo, has no shortage of chandeliers.
Photo: Compass
This post has been updated.