Garmin CEO Buys NYC Penthouse for $40 Million

Min Kao, the co-founder and CEO of Garmin, an industry leader in GPS systems, just bought the 41st-floor condo at 15 Central Park West for $40 million from real estate developer William Lie Zeckendorf. The transaction is Manhattan’s second most expensive of the year, after the $44 million sale of the Duke Semans Mansion. The Journal reports that the final price actually comes out to $9,940 per square foot, not counting the enormous terrace.

Like many wealthy buyers, the CEO of corporate giant Garmin GPS purchased the apartment through a limited liability corporation, so until now his identity had not been disclosed. Mr. Kao was born and attended college in Taiwan. Over the past several years he has lived in the U.S. Forbes last year estimated his net worth at $1.6 billion, down from $4.7 billion in 2007, following a decline in Garmin stock.

The list of buyers in this building is definitely a who’s who of business, finance, entertainment and other industries – including actor Denzel Washington, NASCAR driver Jeff Gordon, and musician Sting. Some of the unusual amenities provided in the 57,900-square-foot building bound by 61st and 62nd streets, Central Park West and Broadway include a private dining room for 60 guests, a professional kitchen with a full-time private chef, 29 guest or staff suites/home offices and temperature-controlled wine cellars.

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Categories: Fleet GPS System News