Evan Cheng Acquires 998 Fifth Avenue Co-Op From William Lauder For $37.5 Million
998 5th Avenue
$37,500,000
Building Size
—
Asset Type
Co-Op
Closing
Sep 24, 2025
About this deal
AI
The property involved in this transaction is a co-op located at 998 5th Avenue in the Upper East Side market. The sale price was $37,500,000. The transaction marks a significant change in ownership, with the asset now in the hands of the buyer.
Summary of transaction details:
- Property Type: Co-Op
- Transaction Amount: $37,500,000
- Address: 998 5th Avenue
- Buyer: Evan Cheng
- Seller: William Lauder - Estée Lauder
- Seller's Gain: $14,000,000
- Previous Purchase Year: 2017
This transaction involves notable individuals: Evan Cheng, the CEO of Mysten Labs, acquired the property from William Lauder, who is associated with Estée Lauder. This sale is part of Lauder's strategy to reduce his property portfolio, with discussions ongoing about listings at other locations.
On the Map
$37,500,000
Co-Op
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Players
New York Co-Op Market Snapshot
Boundary boundary · Co-Op · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93