Fashion Nova founder Richard Saghian just bought a $31 million Manhattan penthouse

Richard Saghian, the billionaire founder of online clothing retailer Fashion Nova, just added a New York home to his massive property collection by paying $31 million for a penthouse in Manhattan's Tribeca neighborhood. According to Billionaires.Africa, the deal follows a string of heavy real estate purchases across both coasts.

Saghian, who is 45 years old, is best known in real estate circles as the buyer who snapped up The One, the sprawling 105,000-square-foot Bel-Air megamansion built by developer Nile Niami, at a bankruptcy auction in March 2022 for $126 million, pushing the total to about $141 million with fees.

Since then, he has kept buying. In October 2024, he paid $30 million in cash for two neighboring houses on North Bay Road in Miami Beach, and in June 2025, he laid out $32 million in cash for a Beverly Hills area house on Donhill Drive.

Saghian also spent $118 million in August 2024 to buy a 175,000-square-foot office building in Beverly Hills from Tishman Speyer to serve as his company's headquarters. He started Fashion Nova back in 2006 after dropping out of college, opening a single store selling cheap clubwear in a Los Angeles shopping mall before turning it into a fast-fashion powerhouse marketed through Instagram influencers and celebrities like rapper Cardi B. The brand now boasts annual sales of about $2 billion, pushing Saghian's net worth to an estimated $2.1 billion. Even billionaires need a place to drop their bags after a long flight from Los Angeles.