Estée Lauder heir William Lauder sells NYC co-op for $37.5M in downsizing move

Estée Lauder heir William Lauder sold his co-op at 998 Fifth Ave. for $37.5 million in an off-market transaction, according to reports. The buyer is Evan Cheng, co-founder and CEO of Mysten Labs, a blockchain infrastructure firm and a former senior engineering executive at Meta Platforms. The sale marks a $14 million gain over Lauder’s 2017 purchase price of about $23.5 million and appears to fit into a broader plan to downsize his real estate portfolio in New York.

Unit 6W at 998 Fifth Ave. is a four-bedroom, five-bathroom co-op in a limestone landmark building completed in 1912. The unit features an eat-in kitchen and oversized windows with views of Central Park and the Metropolitan Museum of Art. The sale, described as off-market, underscores Lauder’s ongoing approach to trimming a holdings stack that includes other high-end residences in Manhattan.

Lauder is meanwhile marketing a 12th-floor unit at 778 Park Ave. — once owned by former Revlon chief Ronald Perelman — for $25 million, a slight drop from an initial $27 million asking price that was set last year, according to StreetEasy. Lauder acquired the 12th-floor unit for $24 million in 2023 and also owns another apartment in the same building, purchased in 2008 for $27.5 million. One of the Park Ave. units was previously listed for as much as $45 million but did not sell, the listings show, illustrating the ongoing reshuffle of his portfolio in pursuit of downsizing.

Beyond New York, Lauder has been tied to a Palm Beach pursuit that could set a new residential sales benchmark if completed near asking price. Reports said he was nearing a deal for a pair of oceanfront parcels listed at $178 million, though it was not immediately clear whether the transaction closed. If the Palm Beach sale reaches that level, it would mark a historic high for Florida residential deals. Lauder purchased the adjacent estate from the Rush Limbaugh estate in 2023 for $155 million, a significant acquisition that anchored the broader Florida interest in his portfolio.

The Real Deal first reported the off-market sale of the 998 Fifth Ave. co-op, illustrating the latest in a series of moves by Lauder to recalibrate his holdings as he shifts focus toward fewer, high-profile properties. The net effect across Lauder’s portfolio signals an ongoing trend among ultra-wealthy buyers to streamline assets while pursuing marquee investments in major markets.