Published On: Tue, Feb 25th, 2014

Lyor Cohen Pays Out $11.4 Million For A New York City Townhouse

Cohen, former Warner Music Group CEO who now heads his own record label, has acquired the  4, 440-square-foot townhouse in  the West Village from Steve Ells, owner of the Chipotle  chain of restaurants.

LYOR COHEN

Music industry mogul Lyor Cohen has reportedly paid Steve Ells the sum of  $11.4 million for a five story townhouse over 4, 440-square-foot townhouse, situated  on 92 Jane Street in the West Village suburb of Manhattan.

For Cohen it really is a win-win situation, as he not only succeeded in picking up the property for around two million dollars less that Ells paid for it 2008, but he also saved considerably in upheaval and removal costs, have rented the property from him for the last twelve months.

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The Jane Street property, built more than one hundred and fifty years ago in a red-brick Greek Revival style comprises five floors of luxurious living space as well as a utility basement. Comprising  four bedrooms, three full and two half bathrooms, a garden floor, four wood-burning fireplaces and a wine cellar, Cohen’s new/old home  combines the best of both worlds, with its location  in a relatively tranquil, tree-lined street reeking of old New York, whilst boasting a thoroughly modern façade after renovation, characterized by  complete floor-to-ceiling glass windows.

The property  not only offers an exquisite  garden floor facing the street , a  swimming pool but also a penthouse floor with a glass pavilion that offers views of the Empire State Building, as well as the Freedom Tower, now  America’s tallest building.

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According to property records, Adam Gordon, a New York City  property developer, paid  just $3 million for the townhouse  in 2004, after which he invested heavily in a complete renovation, with one of the highlights, from the creative mind of renowned architect Steven Harris, was a complete renovation of  the  building’s original front and rear facades  in transparent glass covering four stories.

Gordon originally put the house up  for sale in May 2006, with an  asking price of  $15 million, eventually settling for $13.4 million for  Ells, who never lived on the property, eventually leasing it to Lyor Cohen in 2013.

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Lyor Cohen was born in New York and was brought up on the West Coast in Los Angeles.  Cohen went on to study at the University of Miami, where he graduated with a degree in global marketing and finance.

After graduation Lyor Cohen spent a brief time working for the Israeli bank, Bank Leumi, in their Beverly Hills offices, before setting out on his career in the music industry.

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Cohen started small as the road manager for a local hip-hop group known as Run-DMC. However it didn’t take too long for Cohen’s entrepreneurial skills and financial knowledge to capture the attention of some of the up-and-coming acts who were pioneering the latest trend in rap music. Soon Lyor Cohen was working as an advisor and agent for some of the rising stars in hip-hop or rap music, with one of the first acts that he signed being Rush Jeff & the Fresh Prince, with the Fresh Prince being none other than Will Smith, who went on to become a Hollywood superstar.

Since then Cohen has been involved in hip-hop at various top levels and  for more than three decades, being one of its key architects as the music sector developed from being the bad boy of pop culture to among its mainstream.

Lyor Cohen

 

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