Hyundai CEO Buys Languishing Condo At 15 Central Park West

An Italian cosmetics magnate finally offloaded his condo at 15 Central Park West to Hyundai Motor Group’s chief executive.

Euisun Chung, the car company’s CEO and executive chairman, paid $16.5 million for the three-bedroom apartment — 12 years after Piofrancesco Borghetti first listed it for just under $28 million, according to property records. Borghetti transferred the deed to an LLC, Anacod Real Estate, shortly after purchasing it in 2008.

The deal appears to be off-market, as the latest listing for the property was removed from Streeteasy in September. Compass’ Kyle Blackmon, who last represented Borghetti on the listing, did not immediately respond to a request for comment.

Borghetti bought Unit 32C for close to $10 million and started searching for a buyer in 2012 amid a battle with Italian authorities over fraud and embezzlement charges. Two years later, he was convicted of embezzling millions of euros from his Milan-based perfume company, Limoni.

The Italian businessman was also fighting lawsuits in New York as Limoni, now known as Douglas Italia, and another company sought $6.6 million in damages against him for the scheme. He settled the litigation in 2021, though details of the agreements were not disclosed.

The apartment, which spans 2,800 square feet, has drifted on and off the market since then, at times listed as a rental priced between $40,000 and $50,000 per month, according to Streeteasy. The unit, which also features three bathrooms, a chef’s kitchen and views of Central Park, last asked $16.5 million.

Chung, who’s based in Seoul, South Korea, took over as the head of Hyundai in 2020, after his father Mong-Koo Chung’s retirement, according to Forbes. He previously served as the president of Kia.

Amenities at 15 Central Park West, developed by Zeckendorf and completed in 2008, include a lap pool, private restaurant, fitness center and terrace. The 43-story building has more than 200 units and was designed by architect Robert A.M. Stern.