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Square Founder Jim McKelvey Buys $5M Co-Op From NBA Icon Phil Jackson

The two-bedroom Manhattan apartment sold for more than its asking price

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James "Jim" McKelvey, the co-founder of mobile payment company Square, Inc., has snapped up a Manhattan apartment belonging to famed professional basketball coach Phil Jackson for $5 million, according to city records filed Thursday.

Mr. McKelvey, 52, paid $50,000 over ask for the two-bedroom co-op in the Osborne, a historical building in Midtown, listing records show.

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The seven-room apartment has 14-feet-high ceilings, a double living room with two limestone-trimmed, wood-burning fireplaces, a mahogany-paneled library and a kitchen with custom cabinetry, according to the listing with broker Nancy Tela of Stribling.

"The apartment was on the market for less than a month when two buyers competed for the space. Hence the final selling price was above the asking price," Ms. Tela told Mansion Global in an email. "Those bidding thought the apartment stunning and recognized the historical significance of the apartment and the Osborne itself. They were also very keen on its location, prime West 57th Street."

Built in 1885, the 57th Street building is a New York City landmark and is on the National Register of Historic Places. Its lobby includes mosaics, murals, and sculptures by artists such as John La Farge, Augustus Saint-Gaudens, J.A. Holzer and Tiffany Studios.

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Mr. McKelvey co-founded Square, Inc. in 2009, and is the co-founder of Third Degree Glass Factory in St. Louis, an artist studio, education center, fine art gallery and event space. He declined to comment.

Mr. Jackson paid $4.85 million for the two-bedroom unit in 2014, according to city records. Earlier that same year he signed a five-year, $60 million contract with the New York Knicks to be the team’s president.

The apartment hit the market in September, listing records show, around the same time Mr. Jackson’s tenure with the team came to a premature end.

Mr. Jackson could not be reached for comment.

The Real Deal first reported the sale.