Egyptian real estate tycoon aims for $2.3M gain on Park Ave.

TRD NEW YORK /
May.May 24, 2013 01:00 PM

Egyptian developer Samih Sawiris has listed his co-op at 417 Park Avenue for $9.5 million — $2.25 million more than what he purchased it for in 2010, StreetEasy shows.

Carrie Chiang of the Corcoran Group has the listing for the three-bedroom, 3,110-square-foot apartment, which is priced at $3,054 a square foot.

Sawiris is the CEO and founder of Orascom Development Holding, which builds hotels, resorts, private apartments and luxury homes throughout the Middle East and parts of Europe; it operates 29 hotels with 6,654 rooms worldwide, according to the company’s website.

Sawiris’ net worth was $525 million as of November 2012, according to Forbes, which noted that Orascom’s resorts were hit particularly hard because of the political instability in Egypt. Sawiris’ net worth reached a high of $2.9 billion in 2008, Forbes said.

The apartment, located between East 54th and East 55th streets, is complete with 10-foot ceilings, a private elevator entrance, hardwood oaks floors and mosaic marbled tile floors, the listing says.

Orascom is behind a $1.92 billion resort project under construction in Andermatt, Switzerland, which will include 800 residences that could sell for up to $64 million each.

Sawiris and a woman named Gloria Gallagher purchased the co-op in September 2010 for $7.25 million, city records show.

The 13-story Park Avenue building was converted from rentals into 28 co-op units in 1946. According to StreetEasy, it is the only residential building on Park Avenue between East 57th Street and Grand Central.

Chiang did not immediately respond to requests for comment.


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