820 Fifth Ave Co-op Double Deal: Safra, Hovnanian and Griffth
A double co-op apartment sale at 580 Fifth Avenue involved transactions totaling $73 million, not including a host of taxes (mansion, flip, NYC Transfer, NYS Real Property Tax).
Lily Safra took the elevator from her penthouse co-op down to Ara Hovnanian and Rachel Hovnanian’s 4th floor apartment, buying their previously apartment for a $33 million, several million more than Steven and Lisa Blau’s previously rejected offer of $31 million.
As reportedly earlier today, Safra also sold her 12th floor apartment for $40 million to hedge fund executive Kenneth Griffith.
820 Fifth’s co-op board rejected the Hovnanian’s previous $31 million offer to sell their apartment to fellow real estate executive Related president Jeff Blau and wife Lisa Blau./p>
The Hovnanian’s won’t have to deal with co-op boards any more: they’re moving to a townhouse in the Village on West 12th Street.