The ousted executive director and longtime chairman of Estée Lauder Companies sold the property to Evan Cheng, co-founder and CEO of blockchain infrastructure firm Mysten Labs and former senior engineering executive at Meta, according to the New York Post.
The apartment, located in the historic limestone landmark at 998 Fifth Avenue completed in 1912, features four bedrooms and five bathrooms with an eat-in kitchen and large windows offering views of Central Park and the Metropolitan Museum of Art, according to Zillow.
This sale represents part of a broader strategy as Lauder appears to be downsizing his extensive property portfolio.
Lauder is currently marketing another Manhattan property at 778 Park Avenue for $25 million (AUD 38.5 million), reduced from the initial asking price of $27 million (AUD 41.6 million) set last year.
He purchased this unit, once owned by former Revlon chief Ronald Perelman, for $24 million (AUD 37 million) in 2023.
The cosmetics heir also owns another apartment in the same Park Avenue building, which he acquired in 2008 for $27.5 million (AUD 42.4 million).
That property was previously listed for $45 million (AUD 69.3 million) but failed to attract a buyer at that price point.
Cheng paid a significant premium for the Fifth Avenue residence, which has become one of the most expensive co-op sales in recent months.
The transaction highlights continued strong demand for luxury properties in prime Manhattan locations despite fluctuations in the broader real estate market.
