An Egyptian billionaire just smashed the record for the most expensive co-op ever sold in New York City. As expected, the penthouse of 960 Fifth Avenue, owned by the late billionaire Edgar Bronfman, Sr., sold for a whopping $70 million. The Daily News was the first to report the sale, which hit public records this afternoon. The buyer is Nassef Sawiris, the richest man in Egypt, who made his $7 billion in the construction business, and he wanted to make sure everyone knew he purchased the pad—he used his own name on the documents, not an anonymous LLC (also, 960 Fifth is one of the most tony and prestigious addresses, so they probably don't allow LLCs). The sprawling 16-room pad, with a killer wraparound terrace, is in need of some upgrades, but Sawiris probably has the money. The previous record for the most expensive co-op was set by David Geffen's $54 million buy at 785 Fifth Avenue in 2012. Sorry, buddy. Your time at the top is over.
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http://ny.curbed.com/archives/2014/06/06/egypts_richest_man_buys_nycs_most_expensive_coop_ever.php
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