Jenny from the Block now owns the block. Quite a few blocks, in fact. The Bronx raised megastar, Jennifer Lopez is worth a staggering $380 million and her real estate empire has grown along with her entertainment juggernaut. The New York/Puerto Rican multi-hyphenate entertainer and businesswoman, 49, recently wrapped up her 3-year long Las Vegas, All I Have residency at Planet Hollywood which grossed over $100 during its run. While strutting her stuff on stage she’s also been making moves at the closing table.
image courtesty of 432 Park Ave
She and boyfriend, ex-Yankees baseball star Alex Rodriguez (worth a princely $350 million himself) purchased a luxury, never lived in 4,033 square feet condo on the 36th floor at the super tall (96-story) tower at 432 Park Avenue. Given the fact that the power couple have 4 under age children between them, the 3 bed, 4.5 bathroom hardly seems destined to be their primary residence. However, one option might be to buy the condo next door which occupies the other half of the 36th floor and combine them for one huge hybrid family party pad It could just about accommodate their entourage of nannies, personal assistants and more. Certainly the numbers on the condo would make most people stomach’s tie themselves in knots. Taxes and common charges tally up to $15,564 per month. The condo boasts a private elevator with an expansive living and dining room with views to all of Central Park.
image courtesty of 432 Park Ave
The tower was designed by renowned Hungarian architect Raphael Viñoly and includes a slew of amenities including a games parlor; a state-of-the-art screening room; a health club and spa with a building-wide indoor swimming pool and a residents’ restaurant where three meals a day are served from an open kitchen under 15-foot-long chandeliers hung from a 30-foot ceiling.
Image courtesy of 432 Park Ave
Fellow residents shouldn’t expect to see their power couple neighbors doing laps of the pool of chowing down at the restaurant. Lopez and Rodriguez are serious real estate investors, parking their cash in a number of luxury properties on both costs.
IJennifer Lopez Stone Valley, Bel Air home mage courtest of Beam.land
Lopez also calls a lavish eight-acre compound home in LA’s Stone Canyon area which she purchased in May 2016 for $28 million. Previously in 2010, she purchased a 17,000 square foot mansion in LA’s Hidden Hills enclave for $8.2 million She currently owns a Hamptons mansion set on three acres in Water Mill, N.Y. which was purchased in 2013 for $9.995 million.
"Other than investing in herself, real estate is one of the few tangible investments J-Lo can make," says Jessica Hayden, part of the Ilan Bracha team at Keller Williams, NY. "A residential portfolio is a very user-friendly investment that can be fun, personal & even self-expressive! She could simply enjoy utilizing her well-tuned artistic acumen when purchasing properties and then doesn’t feel the need to take that next step."
The “Waiting For Tonight” singer has also bought and sold a few more NY pads including a 6,540 square-foot duplex penthouse on a boutique building in the pricey Flatiron District where neighbors include Chelsea Clinton and racing star Jeff Gordon. The apartment was purchased the fall of 2014 after being discounted to $20.161 million from $26.95 million. Lopez has now put the building up for sale at its original asking price.
"Her rate of return from what I read seems to be working," says Hayden. "She has good instincts."
Image courtesy of the Daily Mail
She also sold her Biscayne Bay, Miami mansion to singer Phil Collins in 2015 (above).
But the lofty numbers haven't made the star forget her roots. Earlier this year Lopez and Rodriquez dropped in on a real estate class in the Bronx which teaches students about property ownership in the neighborhoods they grew up in, as part of the Project Destined program. The program teaches teens about real estate, investments, financing and construction with the help of Harvard business professors. Must have been good to have Jenny back on the block.
