WeWork CEO Adam Neumann is putting property he owns up for sale in Greenwich Village in order to avoid conflicts of interest.
The 11-story, 90,000 square foot building is mostly leased to WeWork and will reportedly be put up for sale for $110 million.
Neumann owns 50% of the building, which he and his partners purchased for $70 million in 2015. The buying and leasing of properties to Neumann’s own company has raised concerns from several investors.
The coworking firm said its real estate acquisition unit would buy much of Neumann’s properties ahead of its highly anticipated initial public offering.
Now, real estate analysts are eager to see how putting the property up for sale on the market, instead of selling it in a deal to the WeWork affiliate, will impact property values.