TikTok investor buys twice at 111 West 57th Street – The Real Deal

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From left: JDS Development Group’s Michael Stern and Susquehanna International Group’s Tim Gong along with 111 West 57th Street (Photo Illustration by Steven Dilakian for The Real Deal with JDS, SIG China, TikTok and Kidfly182, CC BY-SA 4.0 – via Wikimedia Commons)
A TikTok investor found JDS Development’s supertall on Billionaires’ Row so nice, he bought twice.
Tim Gong paid $34 million for two units at 111 West 57th Street, the New York Post reported. The sales were for sponsor units at the tower, which Michael Stern’s firm developed with Property Markets Group.
The more expensive of the homes was a full-floor unit, No. 52, which Gong bought for $25.6 million. The 4,200-square-foot unit includes three bedrooms, three-and-a-half bathrooms and floor-to-ceiling windows with Central Park views.
The other unit is in Steinway Hall, the former showroom of Steinway & Sons. Gong paid $8.1 million for the 2,800-square-foot unit in the restored section, a pad with two bedrooms, three-and-a-half bathrooms and a wraparound terrace.
Elegran Real Estate’s Chris Fry represented Gong in the purchases of both condos, which were sponsor units. Gong also owns homes in Philadelphia and Montana.
Gong is the managing director of the Asia venture-capital unit at Susquehanna International Group, a high-speed trading firm. Susquehanna owns approximately 15 percent of ByteDance, TikTok’s parent company making it the largest outside investor in the social media company with a stake reportedly worth an estimated $15 billion.
Developers of 111 West 57th Street started marketing the 60-unit building in 2016 off of floor plans. The 82-story building rises nearly 1,500 feet on the site of the former Steinway & Sons piano store, making it one of the tallest buildings in the Western Hemisphere. SHoP Architects designed the supertall condo property.
Completion of the building is expected by the end of the year or by next year’s first quarter.
Corcoran in February took over sales at the building from Douglas Elliman Development Marketing. The Douglas Elliman arm was appointed for marketing and sales in July 2018, launching the effort two months later.
— Holden Walter-Warner

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