Cosmetics heir William Lauder traded his Upper East Side co-op for a profit.
The chairman of Estée Lauder, the beauty company his grandparents founded in the 1940s, sold his apartment at 998 Fifth Avenue for $37.5 million, according to public records. He purchased the unit for $23.5 million in 2017.
The buyer of Unit 6W is Evan Cheng, the co-founder and CEO of cryptocurrency company Mysten Labs. Cheng, who was previously an engineering director at Facebook before it rebranded to Meta, purchased the apartment in what appears to be an off-market deal.
A previous listing describes the unit as having four bedrooms and five bathrooms. It also features an eat-in kitchen and views of Central Park and the facade of the Metropolitan Museum of Art.
The 17-unit co-op was built in 1912. The property is known for housing a long list of prominent residents, such as financier Murry Guggenheim, former Vice President Levi Morton and former Secretary of State Elihu Root.
Lauder has sought to offload several of his properties in recent years, including his 12th-floor apartment at 778 Park Avenue, which hit the market in December asking just under $27 million. He dropped the asking price of the five-bedroom co-op to $25 million earlier this year.
Lauder bought the 12th-floor unit from another cosmetics mogul, former Revlon owner Ronald Perelman, for $24 million in 2023. It is one of two apartments Lauder owned in the building, the other of which he bought in 2008 for $27.5 million. He listed the 14th-floor unit in 2019 for $45 million, though it appears he never found a buyer for it.
However, Lauder found more success for his sprawling oceanfront property in Palm Beach, which he found a buyer for earlier this year. If the land trades for its $178 million asking price, it will set a new record for Florida’s priciest residential sale.
Lauder listed the two lots for $200 million in 2023, the same year he purchased Rush Limbaugh’s former Palm Beach estate for $155 million.
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Billionaire William Lauder finds buyer for oceanfront Palm Beach lots asking $178M
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