Hotelier and developer Ian Schrager has shelled out $4.26 million for a loft-style residence in Brooklyn, conveniently located adjacent to his new Public Hotel.
Mr. Schrager, 70, closed on the home through a trust last month after entering into contract in April, property records show. The property, first listed by the Ryan Serhant team at Nest Seekers International in January, had an asking price of $4.4 million.
The listing touts the home on Washington Street in the Brooklyn neighborhood of Dumbo as "a chic testament to urban living" and "a thoughtful blend of post-industrial charm and modern convenience." The property includes three bedrooms, two-and-a-half bathrooms and a home office, featuring 13-foot ceilings, open-floor plans, oak floors and exposed timber beams and columns, according to the listing.
A half-dozen oversized windows lining a pair of exposed brick walls help fill the 2,600-square-foot residence with light.
Listing agents didn’t immediately respond to requests for comment.
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The six-story condominium building, converted in 2001 from a 19th-century iron works factory, offers 13 apartments. Mr. Schrager’s loft is believed to be located on the top floors.
Mr. Schrager’s company develops and manages boutique hotels and luxury residential projects worldwide. His hotel brand Public Hotel, is planned to open a new hotel at the former site of Jehovah’s Witness Watchtower complex in Brooklyn, which was acquired by Kushner Cos. for $375 million in 2013.
Since 2005, he has developed boutique luxury residential projects in Manhattan, including 40 Bond, 50 Gramercy Park North and 160 Leroy.
Mr. Schrager declined to comment through his representatives.