The Real Deal New York

Kazakh tycoon lists Plaza apartment for $18M

Ownership of the condo was at the center of a Nazarbayev family dispute
By Chava Gourarie | October 14, 2016 09:17AM

The Plaza Hotel and Bolat Nazarbayev

A sprawling Plaza apartment that was at the center of a wild Kazkakh family feud is on the market for $17.9 million.

229342217The four-bedroom unit, owned by Bolat Nazarbayev, the brother of Kazakhstan dictator Nursultan Nazarbayev, is located on the 18th floor of The Iconic Plaza and is priced at about $4,400 a square foot. The 4,600-square-foot unit comes with a master suite with six closets, views of Central Park, and access to hotel’s spa and gym.

The Plaza pad has been a source of much consternation for the leading family in Kazakhstan. Bolat, a fertilizer tycoon, has filed several lawsuits against his ex-wife Maira and his nephew Daniyar Nazarbayev, related to the ownership of the apartment. He even had his ex-wife arrested in Kazakhstan.

In 2012, Bolat accused Daniyar and Maira of secretly obtaining the deed to the unit. Records show that Bolat and Maira bought the unit for $20 million in February 2008, and that in 2011, Daniyar, acting as power of attorney for his stepfather, transferred the deed into his own name.

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Bolat claimed in court papers that Daniyar (who also goes by the last name Kezikbayev), tried to rent the unit for $55,000 a month in 2014, according to a New York Daily News article. Daniyar was also accused of refusing to pay hundreds of thousands of dollars in maintenance fees on the apartment. Bolat also alleged that his ex-wife and nephew used his money to buy apartments at 55 Wall Street and a waterfront pad in Miami with his money.

229342150The suit over the ownership of The Plaza apartment was resolved outside of court and the apartment was transferred back to Bolat’s name in 2014.

Court documents show that the divorced couple reached a settlement agreement, where the ownership of the apartment would be transferred back to Bolat if he allowed Maira’s release from house arrest in Kazakhstan, where she was facing criminal charges.

There are 40 active listings on StreetEasy at The Iconic Plaza condominium, ranging from $1.3 million to $43 million.