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

Nurzhan Subkhanberdin bought the units for about $16M
By Erin Hudson | January 25, 2019 04:30PM

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.