Egyptian billionaire buys Bronfman penthouse for record $70M

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

TRD New York /
Jun.June 06, 2014 04:24 PM

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.


Related Articles

arrow_forward_ios
Rachel Glazer (Credit: BHS)

BHS’ top Downtown agent jumps to Compass

BHS’ top Downtown agent jumps to Compass
BHS’ chief of tech, communications out amid internal shakeup

BHS’ chief of tech, communications out amid internal shakeup

BHS’ chief of tech, communications out amid internal shakeup
Bess Freedman and Robert Reffkin (Credit: Studio Scrivo)

“Unequivocally not selling:” BHS accuses rival of stoking sale rumors

“Unequivocally not selling:” BHS accuses rival of stoking sale rumors
Brown Harris Stevens' Bess Freedman  and Halstead's Diane Ramirez 

Brokerage giants Brown Harris Stevens, Halstead to merge

Brokerage giants Brown Harris Stevens, Halstead to merge
The Real Deal's E.B. Solomont and Brown Harris Stevens' CEO Bess Freedman

The Interview: Bess Freedman on how resi firms will look post-Covid

The Interview: Bess Freedman on how resi firms will look post-Covid
TRD Quarantine Cribs: Take a tour of Scott Harris’ renovated UWS duplex

TRD Quarantine Cribs: Take a tour of Scott Harris’ renovated UWS duplex

TRD Quarantine Cribs: Take a tour of Scott Harris’ renovated UWS duplex
TRD Talks promo

Tonight on TRD Talks: Big brokers on the new rules in residential real estate

Tonight on TRD Talks: Big brokers on the new rules in residential real estate
William Zeckendorf and his brokerages are making moves. (Credit: iStock, Getty Images)

William Zeckendorf wants to build an army of NYC homeowners

William Zeckendorf wants to build an army of NYC homeowners
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...