Bulgari Chairman Drops Close to $10M on NYC Penthouse
Two Italian jewelry and fashion heirs are staying close to their roots, each spending close to $10 million on penthouses in a new luxury condominium next to Manhattan’s Little Italy neighborhood.
WWD has learned that Paolo Bulgari, the great-grandson of luxury jeweler Sotirios Bulgari, who founded the eponymous brand, has reserved one of three penthouses at 75 Kenmare in NoLIta.
The family’s controlling stake in the luxury jewelry brand was bought by LVMH Moët Hennessy Louis Vuitton in 2011 and, according to Forbes, the 79-year-old businessman, who is Bulgari’s chairman, has an estimated $1.43 billion fortune.
His neighbor at 75 Kenmare will be fellow Italian billionaire businessman Pier Luigi Loro Piana, a source told WWD. He is the grandson of Franco Loro Piana, who founded the Loro Piana fashion line (in which LVMH also owns a controlling stake) and serves as its deputy chairman.
Both penthouses are thought to be worth in the region of $10 million, but will not be ready for the businessmen to use until the Andre Kikoski-designed building is completed in late 2018.
All of the interiors of 75 Kenmare have been designed by Kravitz Design, rock-star-turned-interior-decorator Lenny Kravitz’s firm.
Apartment sizes at the 38-unit-condominium range from one to four bedrooms, while prices vary from about $1.7 million to more than $12 million. Amenities include a 24-hour concierge, automated parking, a fully equipped gym, a rooftop terrace and a private courtyard.
Douglas Elliman’s Fredrik Eklund of Bravo’s “Million Dollar Listing New York” fame is handling sales at the building. At the time of the launch, he said NoHo and NoLIta are the Manhattan neighborhoods where residential property prices have appreciated the most over the past several years and this is where everyone wants to be.
A spokeswoman for Loro Piana declined to comment, while a spokeswoman for Bulgari did not respond immediately to request for comment.
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