North Dakota businessman spends over $50M on New York City, Fargo condos

FARGO — The previous president of Fargo-based Swanson Well being Merchandise appears to have his head within the clouds relating to property acquisition.

Leland Swanson Jr. has bought a second condominium unit in a 90-story skyscraper in New York Metropolis for $39.3 million, based on a metropolis authorities public data web site.

The constructing at 157 W. 57th St. in midtown Manhattan, generally known as One57, overlooks Central Park alongside what’s referred to as “Billionaire’s Row.”

In 2014, Swanson purchased his first apartment within the luxurious tower for $7.6 million

and continues to be listed as proprietor of that apartment, Unit 49B, which has greater than 2,000 sq. toes of area.

About six months in the past, the retired North Dakota businessman spent greater than 5 instances that quantity on Unit 87, marketed on actual property web sites as a residence of greater than 6,200 sq. toes with 4 bedrooms and 5.5 baths.

Swanson’s curiosity in high-end actual property can also be obvious in Fargo, the place he’s laid declare to the highest residential degree — the seventeenth flooring — of the RDO Tower downtown.

In Could 2021, Swanson purchased Unit 1701 at 215 Broadway N. for $6,449,506, based on James Haley, deputy Fargo metropolis assessor.

The grasp apartment in Fargo’s tallest constructing is just about the identical dimension because the New York Metropolis apartment at 6,197 sq. toes, based on Fargo property data.

Town’s web site lists the appraised worth of Swanson’s

Fargo apartment at a determine considerably decrease than the $6.4 million he paid.

Nevertheless, Haley stated the $1,990,700 appraisal is a partial valuation solely, primarily based on an appraiser’s go to in January of this yr when the apartment was nonetheless being framed and fitted up.

A followup go to to the apartment is probably going this fall or early winter, he stated, for a reappraisal.

It’s not recognized if Swanson makes use of the condos as residences or strictly as funding properties. The Discussion board’s efforts to succeed in him had been unsuccessful.

Swanson has some firm in proudly owning high-end properties within the Fargo-Moorhead space.

The quantity Swanson paid for the RDO Tower apartment is barely greater than the $6.1 million valuation

of a West Fargo mansion that is house to a co-founder of Aldevron, a biotechnology firm.

Michael Chambers, who alongside together with his enterprise accomplice offered the privately held firm final yr for $9.6 billion, not too long ago requested for a discount within the tax assessed worth of his house from $6.1 million to $3.4 million. The possession of the home is registered to a restricted legal responsibility firm referred to as Tevye.

Cass County commissioners rejected the discount request on June 20,

however famous they may rethink after analyzing extra paperwork.

At $6.1 million, lawyer Tami Norgard advised commissioners Chambers’ house could be the best valued house in North Dakota. A valuation is used to find out the quantity of property taxes the proprietor pays.

Swanson earned his fortune with Swanson Well being Merchandise, based as a mail-order vitamin and complement firm in 1969 by his father, Leland Swanson Sr., and thru many different different investments.

The corporate, headquartered in Fargo, is taken into account one among America’s largest on-line well being product retailers,

carrying greater than 27,000 well being and wellness merchandise together with nutritional vitamins, minerals, dietary supplements, sports activities diet, pure meals, and sweetness merchandise.

Along with its North American base, Swanson Well being serves customers globally by way of on-line operations and distributors in 51 nations, based on media firm Enterprise Wire.

In July 2014, Swanson Well being celebrated 45 years of enterprise.

Eighteen months later, the corporate introduced it had been acquired by Swander Tempo Capital,

a personal fairness agency specializing in investments in shopper merchandise firms.

Swanson Jr. retired quickly after the acquisition however was stated to have remained on as a advisor with the corporate.