Philadelphia 76ers co-owner Michael Rubin, whose company operates Fanatics, is in contract to buy the priciest home ever sold below Manhattan’s 14th Street for over $40 million
Originally published on July 13, 2018|The Wall Street Journal|

Michael Rubin, a co-owner of the Philadelphia 76ers and the owner of online sports merchandise retailer Fanatics, is purchasing a penthouse in downtown Manhattan for a price in the low to mid-$40 million range, according to people familiar with the matter.

Mr. Rubin entered contract to buy the unit in October 2017, according to these people, but the deal hasn’t yet closed. When it closes, the property will be the priciest home ever sold below 14th Street in New York, real-estate agents said. Such a record is unlikely to hold for long, though: A penthouse listed for $65 million at nearby 70 Vestry is also in contract.

The interior of the north-facing penthouse at 160 Leroy Street is close to 8,000 square feet, with five bedrooms. It also has a landscaped roof terrace with a 27-foot private outdoor pool, a private elevator, a screening room, a library and four fireplaces. The building was developed by a partnership that included real estate investor and hotelier Ian Schrager, and was designed by the architecture firm Herzog & de Meuron.

Mr. Rubin’s company owns several online brands in addition to Fanatics, including retail websites Rue La La and ShopRunner. His previous company, GSI Commerce, sold to eBay for about $2.4 billion in 2011.

Mr. Rubin was represented by Dana Power of the Corcoran Group, who declined to comment. Madeline Hult Elghanayan, Lauren Muss, Kirk Rundhaug and Dennis Mangone of Douglas Elliman represented the developer. A spokesman for Douglas Elliman declined to comment.