Kazakh billionaire and Extell backer unloads Mandarin Oriental condos for $20M [Updated]

Nurzhan Subkhanberdin bought the units for about $16M

TRD New York /
Jan.January 25, 2019 04:30 PM

Nurzhan Subkhanberdin and 80 Columbus Circle

Nurzhan Subkhanberdin has parted with his pair of condos on top of the Time Warner Center.

The banking billionaire closed on the sale of two units at the Residences at Mandarin Oriental last week, according to a source and a document obtained by The Real Deal. On the same day, the StreetEasy listing for both properties became unavailable.

Subkhanberdin acquired the unit on top of the Time Warner Center back in 2004 for $8.65 million, and, about a decade later in 2014, he bought a second adjacent unit for $7.25 million. The sale of the first unit closed for $13.15 million on Jan. 17. The second closed the same day for about $7 million.

The two condos, both located on a “penthouse floor,” span a combined 4,743 square feet that could “easily be combine to create a grand home,” as the listing said.

Sotheby’s International Realty agents Brenda Powers and Elizabeth Sample handled the listing: Sample declined to comment; Powers did not respond to requests for comment.

After sinking nearly $16 million into the two condos, Subkhanberdin originally listed both units together in 2015 asking $33.99 million. His price had dropped to $23.49 million this past October. The listing entered into contract in late November, according to StreetEasy.

Subkhanberdin is one of the founders of Kazakhstan’s largest private bank, Kazkommertsbank. As TRD previously reported, the bank has a track record of backing many investments by Meridian Capital Limited, which is in turn linked to a number of Kazakhstan’s ultra-wealthy. In 2006, Subkhanberdin owned a 25 percent stake in the investment firm, according to a report authored by the Organized Crime and Corruption Reporting Project. Meridian has a long-standing relationship with Gary Barnett’s Extell Development, investing more than $200 million into Extell’s real estate projects in New York.

Editor’s note: We updated this story after the second unit’s closing hit records. Our original story only had one unit closing for about $13 million. 


Related Articles

arrow_forward_ios
421 Broome Street (Google Maps)

Soho penthouse buy sets record despite price chop

Soho penthouse buy sets record despite price chop
Oxford Property Group CEO Adam Mahfouda and (inset) the late Bianka Yankov (Mahfouda courtesy of Propco Holdings, iStock, Linkedin)

Oxford Property Group acquires Spire, expands to nearly 800 agents

Oxford Property Group acquires Spire, expands to nearly 800 agents
Brooklyn’s Sunset Park is in the midst of a severe housing crisis and in desperate need of affordable housing. (Photo by Jim.henderson via Wikipedia)

Sunset Park faces severe affordable housing shortage: report

Sunset Park faces severe affordable housing shortage: report
209 Dean Street and 315 Adelphi Street (Google Maps)

Sprawling Brooklyn townhouses drive week’s priciest deals

Sprawling Brooklyn townhouses drive week’s priciest deals
The number of single-family homes on the market hit historic lows in July, driving prices up (iStock)

US housing supply reaches nearly 40-year low

US housing supply reaches nearly 40-year low
Gov. Andrew Cuomo with Judge Lawrence Marks and Judge Daniele Chinea (Getty, Linkedin, iStock)

Flip-flop on eviction ban extension highlights state’s chaotic response

Flip-flop on eviction ban extension highlights state’s chaotic response
Nelson Rockefeller and 812 Fifth Avenue Photos via Getty; StreetEasy; Google Maps)

Fifth Ave co-op owned by Rockefeller family hits market

Fifth Ave co-op owned by Rockefeller family hits market
Joe Jonas and Sophie Turner with 199 Mott Street (Getty; Modlin Group)

Joe Jonas and Sophie Turner list NYC pied-à-terre for $5.9M

Joe Jonas and Sophie Turner list NYC pied-à-terre for $5.9M
arrow_forward_ios

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

Loading...