Fashion Nova Founder Buys Tribeca Penthouse for $31M
Fashion Nova CEO Richard Saghian has acquired a $31 million penthouse in Manhattan’s upscale Tribeca neighborhood.
Updated on Oct. 31, 2026 in Fashion
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Fashion Nova founder Richard Saghian has added to his extensive real estate portfolio with the purchase of a $31 million penthouse in Manhattan. The entrepreneur built his fortune through his online clubwear brand, which generates approximately $2 billion in annual sales.
Why it matters
This luxury acquisition underscores the continued expansion of the real estate holdings of the Fashion Nova CEO. Saghian has previously made headlines for purchasing record-breaking mansions and commercial office properties across the country.
Saghian paid $31 million for the Tribeca property, adding to a portfolio that includes a $126 million Bel-Air mansion and $32 million house on Donhill Drive. Fashion Nova maintains a significant market presence with roughly $2 billion in annual revenue.
The players
Richard Saghian
He is the founder and CEO of the online fashion retailer Fashion Nova.
Federal Trade Commission
This federal agency regulates commerce and previously investigated Fashion Nova for its online review practices.
The details
Saghian founded his company in 2006, utilizing social media influencers to market inexpensive fashion to a global audience. His real estate history includes the purchase of The One, a 105,000-square-foot mansion featuring 21 bedrooms and 42 bathrooms.
Timeline
2006: Richard Saghian founded Fashion Nova.
March 2022: Saghian purchased The One mansion at auction.
2022: Fashion Nova settled FTC allegations regarding customer reviews.
August 2024: Saghian acquired a Beverly Hills office building.
October 2024: Saghian purchased two homes in Miami Beach.
Culture Shift
This acquisition mirrors the broader trend of major fashion retail moguls diversifying their capital into ultra-luxury residential holdings. It marks a significant shift as the executive expands his presence from California-based megamansions into established Manhattan real estate markets.
The high-profile purchase reinforces the status of Tribeca as a focal point for luxury real estate investment by national business leaders. Residents may see continued development and high-end capital investment throughout the neighborhood as a result of such acquisitions.
The takeaway
The acquisition highlights the massive growth potential of online-only retailers that effectively leverage social media marketing. Consumers should note that the company behind their inexpensive apparel is backed by a massive international real estate empire.
Further reading
For more on industry developments, visit the Fashion section.
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Is the accumulation of multiple luxury megamansions by a single individual a concerning trend?
