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

Nurzhan Subkhanberdin bought the units for about $16M

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
53 Downing Street (Compass)
Gut-renovated West Village townhouse tops Manhattan’s priciest contracts
Gut-renovated West Village townhouse tops Manhattan’s priciest contracts
East Hampton Town Supervisor Peter Van Scoyoc and 395 Pantigo Road in East Hampton (EHamptonNY.gov, Zillow, iStock)
East Hampton Town officials vow affordable housing action
East Hampton Town officials vow affordable housing action
Barstool Sports founder Dave Portnoy (Getty)
Barstool Sports’ Dave Portnoy bought a Hamptons beach house
Barstool Sports’ Dave Portnoy bought a Hamptons beach house
$1B in Rent Reduction Available to Select Blackstone Tenants (Blackstone)
Blackstone to spend $1B in affordable single-family rental expansion
Blackstone to spend $1B in affordable single-family rental expansion
Keller Williams' Lauren Balbuena and Compass CEO Robert Reffkin (Keller Williams, Getty/Illustration by The Real Deal)
Keller Williams NYC’s agent count made a comeback while Compass’ slowed
Keller Williams NYC’s agent count made a comeback while Compass’ slowed
422 E. 84th Street (Google)
Uptown chiropractor, diamond dealer battle over $349K in rent on UES
Uptown chiropractor, diamond dealer battle over $349K in rent on UES
The property on 73rd Street formerly owned by Grace Kelly. (Getty, StreetEasy)
UES townhouse rumored to have been owned by Grace Kelly sells for $25M
UES townhouse rumored to have been owned by Grace Kelly sells for $25M
Firefighters battling a 11-alarm fire at a chemical plant in Passaic. (Photo by Tayfun Coskun/Anadolu Agency via Getty Images)
Bergen County residents told to close windows after fire at chlorine plant
Bergen County residents told to close windows after fire at chlorine plant
arrow_forward_ios

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

Loading...