Socialite Lily Safra sells for $40M, buys for $33M at 820 Fifth Avenue
December 22, 2009 06:00PM By Adam Pincus
From left: Lily Safra, Ken Griffin and 820 Fifth Avenue (Building photo source: PropertyShark)
In a high-end game of musical chairs, socialite and philanthropist Lily Safra sold one cooperative apartment at 820 Fifth Avenue at 63rd Street for $40 million to a hedge fund manager and on the same day bought another in the same building for $33 million from home building CEO Ara Hovnanian.
Safra closed on the sale of the 12th-floor unit to Kenneth Griffin as well as the purchase of the fourth-floor unit from Hovnanian, CEO of Hovnanian Enterprises on Dec. 16, city property records published today show. Residential real estate Web site Coopsales.com first reported the $40 million Safra sale today.
Reports from October said Griffin, founder of the $13 billion hedge fund Citadel Investment Group, was going to buy Hovnanian's fourth-floor unit, but instead he bought Safra's, city records show. Safra is the widow of Edmond Safra, a billionaire banker.
Hovnanian Enterprises is in a difficult financial period, reporting this month its 13th consecutive quarterly loss.
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Comments
Anonymous
Clueless downsizing...ostentatiousness at its worst. How much room does ONE person need? How about giving those millions to those who go to sleep hungry! Enough news about the wealthy spending their money...we need more news about those who help others.
Comment #1 Posted By: Anonymous 12/22/09
Anonymous
philanthropist Lily Safra
Comment #2 Posted By: Anonymous 12/22/09
Anonymous
Because #1 you wouldn't log on to this website to read about the 40 something single person in a one bedroom apartment in yorkville or park slope who volunteers in a soup kitchen and their story about buying or selling.
Comment #3 Posted By: Anonymous 12/23/09
Anonymous
Question? What would be the rationale for selling a full 12th floor apartment for 40Mil, paying the tax of say 7 - 10 mil or so and then taking the residual funds of say 30-33 mil and moving down to the 3rd floor with the noise and inferior views and lower appreciation and values. Yesterday the 12th floor owner had a paper value of 40mil on their apartment and today they have a paper value of 33 mil on their apartment with less amenities and no cash after taxes. What am I missing other than a shorter elevator ride home?
Comment #4 Posted By: Anonymous 12/23/09
Anonymous
#4 because you don't get your name in the paper by NOT selling AND it is fun to decorate, you silly boy
Comment #5 Posted By: Anonymous 12/23/09
Anonymous
#4 it is widely reported that in order to buy at 820 Fifth you need to pay in cash, no mortgages etc, and you need to be able to show you have at least 10 times the purchase price in liquid assets before being approved by the coop board. anyone with $330 million in liquid assets is NOT going to lose ANY sleep or even care at all about the measly $7-10m in taxes that they may have to pay for selling, and every apartment is a full floor and they are all therefore the same size, so i don't see what amenities you are referring to.
Comment #6 Posted By: Anonymous 12/23/09
Anonymous
Seriously-- Any theories as to why she would buy the same-size apartment in the same building? I'm wondering if she prefers to look at tree tops (not a joke)? Other than that, why would a 71yo billionaire swap apartments like this?
Comment #7 Posted By: Anonymous 12/26/09
Lily's Neighbor
She's already seen the view from the high floor and now she will be in the same size apartment and release $7 million cash. Possibly, the 4th floor apartment was in much better condition with exquisite custom work -- it was owned by a major homebuilder. All or you should ask yourself this question: Would I move down 8 floors if I could pick up $7 million of cash? Then, Obama has promised higher capital gains taxes. Why not take the bulk of the profit now, before rates go up? It is also possible that she had offsetting losses and the taxes are not an issue.
Comment #8 Posted By: Lily's Neighbor 12/26/09
Yes, but
If were 31 or 41, I would gladly move. But at the age of 71, after I had lived in a place for several years, I can't imagine doing so. I guess you can never have enough money.
Comment #9 Posted By: Yes, but 12/26/09
Anonymous
roof leaks may be? Just saying..
Comment #10 Posted By: Anonymous 12/27/09
Happi
Her husband famously died in a penthouse fire. Being able to jump out the window when needed just might be an attraction for the gilded Lily Safra.
Comment #11 Posted By: Happi 12/27/09
Anonymous
#11 is brilliant, none of us figured out the new apartment was jumpoutofthewindowable
Comment #12 Posted By: Anonymous 12/29/09
Anonymous
why did she move ??? MRS SAFRA wanted a modern apartment fully renovated....a totally different look from her museum like apartment on 12 -- much easier than renovating ---- and millions cheaper --- its done !!
Comment #13 Posted By: Anonymous 12/31/09
Anonymous
the 12th floor apartment had its problems...... and years of refurb couldn't fix them. she moved to the 4th because it is modern and more to her current style....
Comment #14 Posted By: Anonymous 03/30/10