The Real Deal New York

Russian mining magnate lists TWC unit for $25M

May 29, 2012 12:30PM
By Katherine Clarke

Russian oligarch Oleg Baibakov and the interior of the Time Warner Center unit

Russian oligarch Oleg Baibakov has listed his 3,168-square-foot 80 Columbus Circle apartment for $25 million, according to data from Streeteasy.com, five years after he paid $13.5 million for the Mandarin Oriental spread in the north tower of the Time Warner Center.

Baibakov, the wealthy president of GSC City, a Moscow construction-management and consulting company, is the former executive of a giant Russian mining company which made a multi-billion-dollar fortune during Russia’s economic transformation from socialism to capitalism. He listed the three-bedroom, 4.5-bathroom home with Dennis Mangone of Prudential Douglas Elliman on Friday. Mangone did not immediately respond to a request for comment.

The unit, which is currently under renovation, will feature a great room with 50 feet of frontage facing Central Park and 10-foot floor-to-ceiling windows. The unit comes with access to the Mandarin Oriental’s spa and adjoining fitness center, including a 75-foot lap pool.

As previously reported, Baibakov bought the unit in 2007 after showing interest in the renovated units at the Plaza Hotel just down the street. He ultimately decided not to buy in the Elad Group building because the developer did not allow an inspection of the space before the work was completed. He bought the Columbus Circle unit from Sheila Potiker, wife of Hugher Potiker, founder of Entertainment Publications. Baibakov paid $500,000 over the asking price set by Paula del Nunzio of Brown Harris Stevens.

The Russian mogul is also an international art collector and founded Baibakov Art Projects gallery of modern art in his home country. It’s been reported that his collection includes pieces by artists such as Damien Hirst, Jeff Koons and Andy Warhol. Baibakov’s daughter Maria operates the Moscow art space. She has been widely credited in the art press with having helped introduce Western contemporary art to Russia.

Baibakov was not available for comment.

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