NEW YORK CITY — Linda Evangelista, one of the definitive faces of 20th-century fashion and a titan of the original supermodel era, has officially closed the chapter on a long-held piece of New York real estate history. The legendary Canadian beauty has successfully sold her sprawling, industrial-chic penthouse in Manhattan’s vibrant West Chelsea neighborhood for $6.75 million.
The transaction marks the end of a more than two-decade tenure for Evangelista in the historic Spears Building. It also concludes a calculated real estate maneuver that saw the property float on and off the market, play host to Hollywood royalty, and ultimately achieve a massive return on investment for the style icon.
While Evangelista is stepping away from the West Chelsea address, she is not abandoning Manhattan entirely. Public records and real estate reports indicate that the supermodel has already secured her next urban sanctuary, having purchased a sleek, contemporary corner unit at 35 Hudson Yards for $5.24 million.
Main Facts: The Sale of the Spears Building Penthouse
The centerpiece of this transaction is a magnificent 4,000-square-foot penthouse perched atop the historic Spears Building, located at 525 West 22nd Street. Originally constructed in the 1880s as a furniture showroom, the six-story landmark building sits ideally positioned between the bustling elevated greenway of the High Line and the tranquil expanse of the Hudson River.
The residence, which spans approximately 4,000 square feet of interior space complemented by an expansive 2,500-square-foot private rooftop terrace, blends old-world industrial architecture with refined modern luxury. Key architectural features include:
- Striking 13-foot ceilings punctuated by oversized skylights that flood the space with natural light.
- Authentic polished concrete floors and rustic exposed brick walls that nod to the building’s industrial past.
- A spacious great room anchored by a wood-burning fireplace and large windows offering views across three exposures.
- A corner primary suite featuring a bespoke, model-ready dressing room with six floor-to-ceiling custom closets and an en-suite bathroom equipped with a deep soaking tub and a glass shower stall.
- Three additional versatile bedrooms suitable for guest quarters, home offices, or creative studios.
The listing was held by luxury real estate powerhouse Steve Gold of the Corcoran Group. Despite an initial ambitious asking price of $9.5 million when it first hit the market in May 2024, the property underwent strategic price adjustments before closing at the end of September for $6.75 million.
Chronology of Ownership and Market Journey
Linda Evangelista’s relationship with the West Chelsea penthouse dates back to the turn of the millennium, an era when the neighborhood was still transitioning into the contemporary arts and culture hub it is today.
- July 2001: Evangelista reportedly acquired the raw industrial space for $2.4 million, recognizing the potential of the 1880s warehouse conversion. Over the years, she transformed the footprint into a sophisticated, art-friendly sanctuary.
- May 2024: After more than two decades of ownership, the supermodel decided to part ways with the property, listing the penthouse with a price tag of $9.5 million.
- Early 2025: Seeking a fresh chapter, Evangelista quietly purchased a three-bedroom corner residence at 35 Hudson Yards for $5.24 million, setting the stage for her physical relocation within Manhattan.
- Winter 2026: During a period when the penthouse was listed on the rental market, Hollywood actor Keanu Reeves leased the property for an estimated $45,000 a month while starring in a Broadway production of Waiting for Godot.
- September 2026: Following price reductions to better align with prevailing market conditions, the penthouse officially closed at $6.75 million, marking a triumphant financial conclusion to Evangelista’s 23-year holding period.
Supporting Data and Financial Breakdown
From an investment standpoint, Evangelista’s stewardship of the Spears Building penthouse serves as a masterclass in long-term Manhattan real estate appreciation.
- Purchase Price (2001): $2,400,000
- Initial Asking Price (May 2024): $9,500,000
- Final Sale Price (September 2026): $6,750,000
- Total Capital Appreciation: $4,350,000 (an increase of more than 180% over her original purchase price, excluding renovations and holding costs).
- Monthly Common Charges: $6,367, which covers premium building amenities including a 24-hour doorman, dedicated concierge services, and private storage units.
- Temporary Rental Income: Approximately $45,000 per month generated during Keanu Reeves’s Broadway-stint residency.
Property Specifications At-a-Glance
| Feature | Detail |
|---|---|
| Location | 525 West 22nd Street, Penthouse D, West Chelsea, Manhattan |
| Building Type | Converted 1880s furniture showroom (The Spears Building) |
| Interior Space | Approx. 4,000 square feet |
| Outdoor Space | Approx. 2,500 square foot private rooftop terrace |
| Bedrooms / Bathrooms | 4 Bedrooms, 2 Full Bathrooms |
| Listing Brokerage | Steve Gold, The Corcoran Group |
Official Responses and Market Perspectives
Neither Linda Evangelista nor her representatives have released exhaustive personal statements regarding the sale, preferring to maintain privacy regarding her private life and real estate transactions. However, industry insiders and the brokerage handling the sale have noted the unique gravity the property held within the Manhattan luxury market.
Steve Gold of the Corcoran Group emphasized the rarity of the offering during its marketing campaign, pointing to the combination of historical scale, massive outdoor space, and proximity to the High Line as irreplaceable assets in West Chelsea.
Real estate analysts following the transaction noted that while the final closing price of $6.75 million represented a discount from the initial $9.5 million ask, the deal nonetheless underscores the enduring resilience of high-end, architecturally distinct properties in prime Manhattan locations. The ability to command a robust monthly rental rate—demonstrated by Keanu Reeves’s short-term tenancy—further highlighted the property’s cross-over appeal to elite creative professionals seeking discretion, volume, and character.
Implications for the Luxury Real Estate and Fashion Landscapes
The sale of Evangelista’s West Chelsea penthouse carries symbolic weight for both the New York property market and the legacy of 1990s pop culture.
1. The Evolution of West Chelsea
When Evangelista purchased the penthouse in 2001, West Chelsea was largely defined by industrial grit, art galleries, and proximity to shipping piers. Over the subsequent two decades, the opening of the High Line in 2009 transformed the neighborhood into one of the most affluent and desirable residential enclaves in the world. Evangelista’s exit from West Chelsea—and her relocation to the ultra-modern vertical community of Hudson Yards—mirrors the neighborhood’s maturation from an edgy artist’s haven into a hyper-polished architectural showcase.
2. The Enduring Power of Original Supermodel Pedigree
Properties owned by cultural icons carry an intangible cachet. Evangelista, alongside her peers Christy Turlington, Naomi Campbell, Claudia Schiffer, and Cindy Crawford, defined an era of global celebrity where fashion models transcended the runway to become household names. Famously associated with the quip, "We don’t wake up for less than $10,000 a day," Evangelista’s lifestyle choices continue to fascinate the public. The sale of her home provides a rare glimpse into the private domestic world of a woman who helped shape modern aesthetic standards.
3. A Resilient High-End Market
The multi-million-dollar transaction reflects broader trends in Manhattan’s luxury sector, where properties offering unique outdoor space—such as the penthouse’s 2,500-square-foot terrace—remain heavily shielded from broader economic fluctuations. Even as interest rates and inventory adjustments force sellers to temper initial expectations, historical provenance and one-of-a-kind architecture continue to secure top-tier buyers.
As Linda Evangelista settles into her new home at Hudson Yards, the Spears Building penthouse enters its next historical phase, leaving behind a legacy cemented in both New York architectural lore and the glamorous history of 20th-century fashion.
Evan Lee Salim
Ali Ikhwan
