Blavatnik’s record $80M purchase approved by co-op board

Billionaire can now move to close on duplex 834 Fifth pad
January 09, 2015 04:46PM

Ukrainian-born American billionaire Len Blavatnik, who is vying to break New York City’s co-op record with an $80 million purchase, has made it through the board’s rigorous approval process.

Blavatnik, who is worth an estimated $18.3 billion, and his wife Emily purchased the unit at 834 Fifth Avenue from Jets owner Woody Johnson in October for $80 million, which was $5 million over the asking price, the New York Post reported.

The duplex spans the 11th and 12th floors of the 16-story Rosario Candela-designed Art Deco building.

Prior to Blavatnik’s purchase, the city’s co-op record was broken twice in 2014 — first by Egyption billionaire Nassef Sawiris with a $70 million buy, then by hedge fund manager Israel Englander with a $71.3 million purchase.

In the third quarter of 2014, the median price for a co-op was $737,500, less than 10 percent of Blavatnik’s record. [NYP]