An embattled electric truck company investor has found a buyer for his Upper East Side apartment in a solid week for luxury residential real estate.
David Hamamoto has sold his apartment on East 70th Street on the Upper East Side after listing it for $14.9 million. It was one of the 33 luxury Manhattan homes that entered into contract the week of April 28 to May 4, according to the latest luxury market report from Olshan Realty.
The three-bedroom co-op apartment features a private elevator, a wood-burning fireplace, and views of Central Park and the Frick Museum, according to advertising materials. Hamamoto bought the apartment in 2013 for $13.3 million, according to city tax records.
The buyer and the final sale price are not yet publicly available.
A spokesperson for Compass, which advertised the property, declined to comment on behalf of the listing agents.
The number of Manhattan units asking more than $4 million that entered into contract last week, 33, is up 18% from the previous week. April was in general a strong month for luxury real estate sales, with 117 contracts signed, up from 101 in April 2024 and 107 in April 2023.
The most expensive asking price for the homes under contract for the week was $29 million for the residence at 601 Washington St. in the West Village. The quadraplex penthouse was first listed for $36.5 million in December but the price was reduced by 12% in February and 9% in March, according to information published on StreetEasy.
A former Goldman Sachs executive, Hamamoto in 2019 founded DiamondPeak Holdings. Through a merger, DiamondPeak helped fledgling electric truck maker Lordstown Motors make its initial public offering in 2020. Lordstown had been highlighted for its technology and investment in Ohio by President Donald Trump during his first term at a White House event.
However, after the public offering, the company began to flounder, according to reporting from The New York Times. Small investors drove up stock prices as big investors including BlackRock began to sell their stock.
In 2023 the company filed for bankruptcy protection and emerged as Nu Ride. Last year the Securities and Exchange Commission charged Lordstown with misleading investors by exaggerating demands for its flagship electric truck and misrepresenting production timelines.
Hamamoto was named as a defendant in a securities class-action suit against Lordstown, which was settled for $15.5 million last year.
Nu Ride also declined to comment. Hamamoto did not respond to a request for comment.
