Published On: Tue, Feb 11th, 2014

Adam Neumann Takes Some Time Out To Buy A Townhouse

Neumann, one of New York’s hottest real estate entreprneurs, paid out just over $10 million for the a townhouse, situated on  41 West 11th Street.

We Work & Milk Studios Present Corduroy Magazine Launch Party

 

Adam Neumann, the man behind New York’s latest  commercial property success WeWork, which specializes in providing collaborative workspace has taken some time out from his considerable endeavors to buy a new home for himself and his wife Rebekah Paltrow Neumann a well-known film actress and producer, who also happens to be the cousin of Gwyneth Paltrow.

The couple recently paid out $10.5 million to buy a six bedroom, 5.5 bathroom townhouse, situated on 41 West 11th Street in the Greenwich Village,  between Fifth and Sixth avenues.

The property, previously owned by real estate attorney Rick Bierman, first went on the property market in late 2012, with Bierman asking just short of  $12million  for the townhouse which he originally acquired in  September 1987. Since the property went on the market, Bierman has dropped the price of a couple of occasions with the last recorded downward movement when it reached a reported final asking of $10.9 million in the summer of last year.

original Adam Neumann

Commenting on the sale Rick Bierman did not seem too upset at having dropped around $2 million from his original asking price, stating that the reason for selling was it was time for them to downsize and he was happy that the Neumanns would be stepping in his place as they are  a young family who he hopes will enjoy living in the property as his family had over the years.

The Neumann’s new property was built way back in 1847, designed in the Greek Revisionist style and still boasting seven wood-burning fireplaces as well as its original hardwood flooring. Over the years the property has been configured to become a triplex, with the top floor comprising  a guest suite, reportedly offering magnificent views of the New York City skyline.

Tel Aviv born Adam Neumann has shaken up the commercial  property market in New York, as well as Los Angeles and San Francisco  over the last few years with his WeWork concept and are reported to be approaching the level  of becoming fifth-largest renter of office space in the five boroughs.

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Adam Neumann arrived originally in New York in 2001, after serving as an officer in the Israeli Navy. Neumann wasted little time in settling in first of all enrolling at the Baruch College   of The City University of New York, in order to study for  an undergraduate degree in business.

In the midst of his studies Michael found the time to develop a business idea which he had which he called Krawlers. Adam Neumann came up with the  Krawlers  concept when he noticed a baby child  crawling along a wooden floor somewhere and decided that there could well be a market for clothing for babies at the crawling stage which had padded knees. Simple tremendously effective Neumann turned Krawlers  into a thriving business in partnership with children’s clothing designer Suzan Lazar, which involved in the demolition of the Egg Baby range of children’s clothing which is now sold by some of America’s leading retail outlets.

41_W_11_DiningRoom Adam Neumann

In 2010, Neumann founded WeWork with the idea of empowering start-ups and even established businesses to create a property foothold through providing a framework of collaborative community and services through which they revealed to focus the entirer energies on growing their business. Starting off originally in  New York, WeWork is now firmly based San Francisco, and Los Angeles and well on its way to becoming  the largest such network for small businesses in the U.S, with a staff of more than 80 and millions of square feet of office rental space in their portfolio.

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