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Second One57 foreclosure on Billionaires’ Row sets a new record

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The owner of the penthouse has been identified as Nigerian oil tycoon Kolawole Aluko

UPDATE 6/27/17: The New York Post has learned that the owner of this One57 penthouse is Nigerian oil tycoon, Kolawole Aluko, who is allegedly involved in international money-laundering schemes, and is also under investigation for allegedly siphoning off money from the Nigerian government.

A Luxembourg-based bank issued a $35.3 million mortgage on the property, and since Aluko has repeatedly failed to make payments, the bank is forcing a sale on the condo next month. Aluko had listed his 213-foot yacht, the Galatica Star (which has apparently hosted celebrities like Jay-Z and Beyoncé) as collateral, though Aluko himself is nowhere to be found. As per the Post, he is rumored to be hiding on that very yacht.


In less than a month’s time, another one of One 57’s ultra-luxury, ultra-pricey condos has entered into foreclosure. The first time around, it was a four-bedroom, four and a half bath on the Extell-developed building’s 56th floor to hit the auction block after the owners defaulted on a $20.9 million loan. This time, it’s an even pricier apartment.

According to Bloomberg, owners of Apartment 79, a full-floor penthouse spanning 6,240 square feet, have defaulted on the mortgage for the apartment that was purchased for $50.9 million in 2015. The owners, who have disguised themselves behind an LLC, took out a $35.3 million loan from a Luxemburg-based bank to purchase the pad but failed to repay it in full after a year. The bank is now forcing a sale in an effort to recover the funds plus interest.

The apartment happened to be the One 57’s eighth priciest condo to sell but it is now likely to claim first place as the city’s biggest residential foreclosure ever seen. “I don’t know of a foreclosure that’s larger than that,” said Olshan Realty Inc. president Donna Olshan in a statement to Bloomberg.

One57

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