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Music Mogul Parts with American Thread Pad for $7.15M

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Former music mogul and current ad executive Steve Stoute purchased his nine-room duplex in the Tribeca's American Thread Building in 2001, combining 10th- and 11th-floor units, and stocking the 3,500-square-foot apartment with mahogany paneling, two wood-burning fireplaces, and new windows with marble sills. But despite the customized renovation, he has been trying to get rid of the place since 2006. Initially listing the apartment for $12.25 million, multiple pricechops were required to find a buyer. It dropped down to $9.75 million, then $9.5 million when the listing was taken over by broker-to-the-athletes Adam Modlin, then $8.5 million, $7.9 million, and finally $6.995 million, at which point it was purchased by the CEO of the Marco Polo Network for $7.15 million. Phew.

· Former Hip Hop Kingpin Steve Stout Sells Tribeca Condo for an Unkingly $7.2 Million [Observer]
· American Thread Building coverage [Curbed]