The buyer of the penthouse that pushed 111 Murray Street to sellout status made his New York debut after major residential purchases in luxury markets across the country.
Fashion Nova chief executive officer Richard Saghian is the buyer behind the deal for the Tribeca penthouse, the Wall Street Journal reported. He paid $31 million for the condominium, The Real Deal previously learned.
Saghian’s deal for the 7,700-square-foot unit worked out to roughly $4,000 per square foot. The deal closed last Monday, marking the last of the sponsor sales at the Tribeca project that began marketing units roughly a decade ago.
The penthouse traded for significantly less than the $50 million the developers — a venture including the Witkoff Group, Fisher Brothers and New Valley Ventures — specified in the latest amendment to its offering plan in 2024. The apartment didn’t hit the market until September 2025, however, sporting an asking price just under $34 million.
The unit has five bedrooms and six bathrooms, along with terraces totaling more than 230 square feet. There’s a fireplace, eat-in kitchen, library and floor-to-ceiling windows with views of the Hudson and East rivers and the Manhattan skyline.
Ryan and Emilia Serhant represented the buyer in the sale.
The purchase is Saghian’s first in New York City. The fast-fashion mogul last year dropped $32 million in cash on a six-bedroom, seven-bathroom house on the edge of Beverly Hills. Saghian bought the home, which was on the market for 26 days, for $12 million off its listing price.
He bought the home as a temporary place because in 2022, Saghian placed the winning $141 million bid for The One, a 21-bedroom, 49-bath mansion estate at 944 Airole Way. Saghian scored the property in the bankruptcy sale of spec developer Nile Niami’s troubled property.
It’s the largest home in L.A. at 105,000 square feet, per Forbes, and the fourth-largest sale in California history. The property was in the midst of extensive design work when Saghian bought the backup home.
Saghian’s portfolio also includes another home in Hollywood Hills, two in Malibu and one in Miami. He also paid $118 million for a new Beverly Hills headquarters for his online fashion company in August 2024.
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Final penthouse at 111 Murray Street trades for $31M
Fashion Nova’s Richard Saghian buys $32M “temporary” abode on edge of Beverly Hills
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