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

Billionaire can now move to close on duplex 834 Fifth pad

TRD New York /
Jan.January 09, 2015 04:46 PM

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]


Related Articles

arrow_forward_ios
Former Bear Stearns CEO Jimmy Cayne and 510 Park Avenue (Credit: Getty Images and Google Maps)

Ex-Bear Stearns CEO James Cayne demands co-op records after board rejects 3 buyers

(Credit: Seward Park Co-op, Pixabay)

Missed opportunity: LES co-op wants to re-vote on air rights sale but developers say they’ve moved on

Former GE boss Jack Welch buys Fifth Ave. apartment for $19M

Former GE boss Jack Welch buys Fifth Ave. apartment for $19M

The Dakota and Brisbane House at 1215 Fifth (Credit: CityRealty)

Co-op board battles are dragging out renovations and repairs for years

Keeping up appearances: Co-op boards are using this trick to beef up comps

Keeping up appearances: Co-op boards are using this trick to beef up comps

Luxury market recorded 21 contracts last week: Olshan

Luxury market recorded 21 contracts last week: Olshan

This 834 Fifth Avenue co-op just got a $20M price cut

This 834 Fifth Avenue co-op just got a $20M price cut

“I can feel the burn on my cheek from the slap on the face”: Buyers sound off on co-op rejections

“I can feel the burn on my cheek from the slap on the face”: Buyers sound off on co-op rejections

arrow_forward_ios