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Edgar Bronfman’s luxury co-op apartment at 960 Fifth Avenue has finally sold. Edgar Bronfman died last year at the age of 84, and his five bedroom residence was first listed in March, for US$65 million. Now the New York Daily News has reported that it is under contract of sale for US$70 million.
The price represents a new record for a co-operative apartment in New York, exceeding the US$54 million paid in 2012 for David Geffen’s penthouse at 785 Fifth Avenue.
The buyer is said to be the Egyptian real estate billionaire Nassef Sawiris. According to Forbes billionaires’s list Sawiris, who controls Orascom Construction Industries, is worth US$7 billion.
Of course the value of the property relates uniquely to its location. While the home has five bedrooms and eight bathrooms, it also has a wrap-around terrace that looks out directly over Central Park. According to the New York Post, the apartment also needs a through renovation from top to bottom. Undoubtedly Mr. Sawiris is up to the task, will employ the best architects and designers – and then will thoroughly enjoy the result.
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When Mary Rutherford and Leslie Coleman, of brokers Brown, Harris Stevens, set up the listing in March it seems to have prompted a bidding auction, leading to the rather special final price that was obtained. Brown, Harris Stevens has apparently declined to comment.
The Daily News was the first to report the sale. According to news reports Sawiris may have been seeking a calmer place to hang-out than his own native country. There, the Egyptian government reportedly sought payment of over US$2 billion in taxes from him. It is reported a US$1 billion settlement was eventually reached, leading to his arrival on the New York scene.
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