Former WeWork CEO Adam Neumann on Thursday listed his sprawling Manhattan triplex for sale for $37.5 million.
Neumann paid $35 million for the six-bedroom, three-story penthouse in 2017 when WeWork was valued at some $20 billion. It is located at 78 Irving Place in New York City’s Gramercy neighborhood.
The 7,880-square-foot condo was built in 1920 and features a spiral staircase, chandeliers, ultra-modern decor, an indoor fireplace and six baths. The listing was first reported by New York real estate news site The Real Deal.
Neumann, who was born in Israel and partially raised on a kibbutz, still owns several luxury properties in the US, but has been looking to sell some of his real estate since his abrupt fall from grace last year. He recently sold his shares in several properties in San Jose, according to a Wednesday report from Bloomberg news.
Neumann had taken the New York real estate market and the tech startup world by storm with his company, but rising losses and management chaos led to negative exposure and a disastrous, aborted IPO late last year. The firm had been considered one of the most highly valued startups in the US.
WeWork mostly makes money by leasing buildings and subdividing them into office space that it sublets on a short-term, flexible basis.
Neumann had dazzled private investors with his vision of creating workspaces that fostered communality and catered to the overall well-being of its members.
Neumann was forced out as chief executive in September 2019 as the company’s value plummeted and amid heavy criticism of his behavior and management. In October 2019 WeWork was taken over by Japanese tech investment firm SoftBank, which spent over $5 billion on the move.
Neumann walked away with nearly $2 billion.
After his ouster, Neumann made a personal visit to Israel in December, but did not visit WeWork offices there.