Florida watch magnate lists Tribeca apartment for $7M

Izac Ben-Shmuel, the former co-CEO of the timepiece company Swiss Watch International, has listed his Tribeca apartment at 137 Franklin Street for $6.9 million, per city records.

The Ben-Shmuel family opened Swiss Watch International in 1983 in South Florida, and Izac ran it along with his brothers, Lior and Shlomi, until 2011. It was then taken over by Lucien Piccard and then later by a private equity company. According to the Sun-Sentinel, Swiss Watch International went out of business in January, though some of the sites they operate — WorldofWatches.com, ewatches.com,  smartbargains.com and Swiss Legend — still seem to be working.

In 2014, the company was forced to pay $11 million in a trademark infringement suit filed by Swiss watchmaker Audemars Piguet, which accused Swiss Watch International of knocking off Audemars’ Royal Oak design to make their 2009 Trimix watch.

Ben-Shmuel purchased this apartment at 137 Franklin for $6.1 million in 2016 under the LLC Jcubed-137 Franklin. He first listed it in January this year for almost $8 million, and has since dropped the price and switched brokers to Adam Modlin. The 3,098-square-foot duplex apartment has four bedrooms, four bathrooms, a gas fireplace, a private elevator and a glass-enclosed staircase.

According to city records, it doesn’t look like Ben-Shmuel is moving very far. In March, he bought another apartment at 56 Leonard for $13 million, under his own name.