Adam Neumann Lists Gramercy Park Triplex For $32M

Adam Neumman is hunting for a buyer for his Gramercy Park penthouse — again.

The co-founder and former CEO of WeWork put the six-bedroom triplex at 78 Irving Place on the market for $32 million with Official’s Tal Alexander, according to a StreetEasy listing. Neumann quietly sought to offload the property in 2019 before officially listing it for $37.5 million in 2020.

Alexander did not immediately respond to a request for comment.

Neumann purchased the duplex penthouse and another unit on the floor below in 2017 for $27.5 million, then combined them to create his 7,880-square-foot pad. He also bought two apartments on the first floor for $7.2 million at the time.

The penthouse features a skylit spiral staircase, chandeliers and a 955-square-foot terrace. Silverstone Property Group converted the 14-unit building, built in 1920, from rentals to condos in 2016.

Neumann was forced to give up his role in WeWork after the troubled co-working company had to shelve its planned IPO in 2019. Though the company was once valued by its private investors at $47 billion, it went into a free-fall that began with its bid to go public.

After it finally debuted as a public firm, investors steadily pushed its market cap down. Its stock closed Thursday at 27 cents a share, giving it a valuation of $583 million.

As WeWork’s value tanked and Neumann’s reputation nosedived in 2019, major stakeholder SoftBank became desperate to jettison the CEO, which enabled Neumann to secure a lavish exit package including a $245 million stock award, $200 million in cash and the refinancing of a $432 million loan.

The former chief executive is now focused on another real estate venture. Neumann’s multifamily enterprise Flow will operate as a property manager for other owners, sources familiar with the company told the Wall Street Journal last year.

Andreessen Horowitz has invested $350 million, the venture firm’s largest single investment ever. A16z traded the investment for a portion of Neumann’s real estate holdings, primarily in the Sun Belt, which he had been amassing since his departure from WeWork.