David Lowy upgrades in New York's One57

The expat retail executive David Lowy has spent about $47.4 million on a condominium in New York City.

The unit, a penthouse at One57 at 157 West 57th Street, had been owned by shell companies linked to Kolawole Akanni Aluko, a Nigerian businessman accused by the U.S. of conspiring to pay bribes to the country’s former oil minister in return for steering oil contracts to companies owned by Mr. Aluko and his partner, the Wall Street Journal reported.

One of Mr. Aluko’s lenders filed to foreclose on the property earlier this year, public records show.

Mr. Aluko’s entity bought the apartment for $50.9 million in 2014, public records also show. 

The 6,240-square-foot unit has four bedrooms and 4½ baths and sweeping views of the city and Central Park. Lowy’s purchase of the One57 penthouse is the highest paid on a foreclosure condo sale in New York City.

Following the deal, Lowy is now listing his apartment on a lower floor for $27 million, which he bought for $28 million in 2015, according to public records.

The 4,116-square-foot unit comprises three bedrooms and 3½ bathrooms and has been has been completely upgraded by the owner, according to the listing.