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WeWork’s Adam Neumann eyes potential sale of Gramercy penthouse

WeWork co-founder Adam Neumann is considering selling one of his Manhattan residences.

[NEW YORK] WeWork co-founder Adam Neumann is considering selling one of his Manhattan residences.

Mr Neumann is working with Nick Gavin from real estate brokerage Compass to find a buyer for his home on Irving Place in the Gramercy neighborhood, according to people with knowledge of the matter.

The former WeWork chief executive officer paid about US$35 million for four units in the seven-story building in 2017, property records show. He bought a four-bedroom duplex penthouse for US$18 million and a three-bedroom apartment one floor below for US$9.5 million, eventually combining the two units.

Two first-floor apartments, which cost him US$7.2 million, are likely to be excluded from a potential deal, said one of the people, who requested anonymity because the matter is private.

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Representatives for Mr Neumann and Compass didn't immediately comment.

Mr Neumann and his wife, Rebekah Paltrow Neumann, accumulated properties as their wealth increased in recent years. In addition to the real estate in Gramercy, they own at least two homes in the Hamptons, a townhouse in Greenwich Village and a sprawling property north of San Francisco that was once owned by the late rock music promoter Bill Graham.

After a botched attempt at an initial public offering, Mr Neumann stepped down as CEO and chairman of WeWork. Still, he's maintained his billionaire status thanks in part to a rescue package from SoftBank Group Corp. that includes a US$185 million consulting fee and enables him to sell at least US$970 million of his stock.

SoftBank's Vision Fund is an investor in Compass.