The Real Deal New York

Egyptian billionaire buys Bronfman penthouse for record $70M

Deal for 960 Fifth Avenue the priciest co-op sale ever

June 06, 2014 04:24PM
By Zachary Kussin and Hiten Samtani

Nassef Sawiris and images

Nassef Sawiris and images of his 960 Fifth Avenue penthouse

Edgar Bronfman’s 960 Fifth Avenue penthouse is not only staying in the billionaire’s club, but has also broken a record for the most expensive co-op ever sold in New York City. The home, which was originally listed for $65 million and entered contract for $70 million, sold to Egyptian billionaire Nassef Sawiris for that exact contract price, according to records filed today.

The deal officially tops music mogul David Geffen’s 2012 785 Fifth Avenue penthouse buy for $54 million. The news was first reported by the New York Daily News.

Sawiris, who heads Orascom Construction Industries, Egypt’s most valuable publicly traded company, is the 193rd richest person in the world with a net worth of $7 billion, according to Forbes.

Walmart heiress Alice Walton was initially rumored to be the buyer.

Brown Harris Stevens’ Mary Rutherfurd, Leslie Coleman and Alina Pedroso listed the apartment at $65 million in February. The brokers couldn’t immediately be reached for comment. The apartment is asking a steep $19,000 in monthly maintenance charges.

The home has five bedrooms, eight bathrooms, and a wrap-around terrace space that looks out to Central Park. The home is a fixer-upper in need of a complete gut renovation, an unidentified source previously told the New York Post.

Sawiris could not be immediately reached for comment.

Bronfman died in December at the age of 84.

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