Estée Lauder Heir William Lauder Makes $14.5M Profit Selling Fifth Avenue Co-Op to Cryptocurrency CEO

Cosmetics heir and Estée Lauder chairman William Lauder recently made a lucrative real estate transaction, selling his Upper East Side co-op for a whopping $37.5 million. According to public records, Lauder purchased the unit at 998 Fifth Avenue for $23.5 million in 2017, making a profit of $14.5 million in just four years.

The buyer of Unit 6W is Evan Cheng, the co-founder and CEO of cryptocurrency company Mysten Labs. Cheng, who was previously an engineering director at Facebook before it rebranded to Meta, purchased the apartment in what appears to be an off-market deal.

A previous listing describes the unit as having "commanding views of Central Park" and "exquisite detailing and craftsmanship." The building itself was designed by renowned architect Rosario Candela and boasts a doorman, concierge, and fitness center.

This sale is just the latest in a string of high-profile real estate transactions for both Lauder and Cheng. Lauder also recently sold his Hamptons estate for $24 million, while Cheng purchased a penthouse in the West Village for $13.5 million.

It seems the wealthy elite are always finding ways to increase their wealth, even in the midst of a global pandemic.