Residential Real Estate
New York

North Dakota businessman scoops up 2nd unit in Extell’s One57

Leland Swanson spent $39.3M on Billionaire’s Row unit

Extell’s One57 at 157 West 57 Street (one57.com, iStock)

Extell’s One57 at 157 West 57 Street (one57.com, iStock)

Leland Swanson, former president of Swanson Health Products, seems to have outgrown his first Billionaire’s Row apartment.

The North Dakota-based businessman has picked up a second unit at Extell’s 157 West 57 Street for $39.3 million, according to public records.

Swanson previously paid $7.64 million for a 2,009-square-foot apartment in 2014. The businessman was listed as the owner of Unit 49B in the luxury tower known as One57. Now, he’s movin’ on up, taking over Apartment 87.

For the price Swanson is paying for his new home, the businessman could have snapped up several gargantuan estates in his home state of North Dakota.

Horse Haven Drive, a country estate on 55 sprawling acres, last sold in 2019 for $3.4 million, according to Homes.com. The 17,500-square-foot home at Rose Creek Boulevard — the largest home in the state of North Dakota — is worth about $1.875 million, according to Zillow. (You might want to take Zillow’s estimates with a grain of salt.)

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Both are near Fargo, Swanson’s hometown, where he launched the vitamin business that ultimately brought him into Gary Barnett’s world.

However, North Dakota has no Billionaire’s Row. At 157 West 57th Street, though, Swanson can rub elbows with neighbors including billionaire hedge funder Bill Ackman and David Lowy, the heir to retail powerhouse Westfield Corp.

Though many buy at One57 to live there or as a pied-à-terre, the property has also attracted investors looking to flip their new apartments at a higher price. But some units have sold for less at resale. In January, a condo sold for $16.75 million — more than 50 percent below its previous purchase price, marking a record resale loss at the tower.

Swanson did not respond to requests for comment.

Tags
Residential Real Estate
New York

North Dakota businessman scoops up 2nd unit in Extell’s One57

Leland Swanson spent $39.3M on Billionaire’s Row unit

Extell’s One57 at 157 West 57 Street (one57.com, iStock)

Extell’s One57 at 157 West 57 Street (one57.com, iStock)

Leland Swanson, former president of Swanson Health Products, seems to have outgrown his first Billionaire’s Row apartment.

The North Dakota-based businessman has picked up a second unit at Extell’s 157 West 57 Street for $39.3 million, according to public records.

Swanson previously paid $7.64 million for a 2,009-square-foot apartment in 2014. The businessman was listed as the owner of Unit 49B in the luxury tower known as One57. Now, he’s movin’ on up, taking over Apartment 87.

For the price Swanson is paying for his new home, the businessman could have snapped up several gargantuan estates in his home state of North Dakota.

Horse Haven Drive, a country estate on 55 sprawling acres, last sold in 2019 for $3.4 million, according to Homes.com. The 17,500-square-foot home at Rose Creek Boulevard — the largest home in the state of North Dakota — is worth about $1.875 million, according to Zillow. (You might want to take Zillow’s estimates with a grain of salt.)

Read more

Both are near Fargo, Swanson’s hometown, where he launched the vitamin business that ultimately brought him into Gary Barnett’s world.

However, North Dakota has no Billionaire’s Row. At 157 West 57th Street, though, Swanson can rub elbows with neighbors including billionaire hedge funder Bill Ackman and David Lowy, the heir to retail powerhouse Westfield Corp.

Though many buy at One57 to live there or as a pied-à-terre, the property has also attracted investors looking to flip their new apartments at a higher price. But some units have sold for less at resale. In January, a condo sold for $16.75 million — more than 50 percent below its previous purchase price, marking a record resale loss at the tower.

Swanson did not respond to requests for comment.

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