22-Year-Old Buys $88 Million Apartment, a NYC Record

Former Citigroup chairman Sandy Weill listed his 6,744-sq-ft apartment at 15 Central Park Westfor an astonishing $88 million in November, promising to donate the proceeds of the sale to charity.

Now comes news that Ekaterina Rybolovleva, the 22-year-old daughter of Russian billionaireDmitriy Rybolovlev, is buying the condominium. Rybolovleva is currently studying at an undisclosed U.S. university and plans to stay in the apartment when visiting New York. According to a source familiar with the sale, she paid the full asking price of $88 million, setting a record for highest individual transaction in New York City history.

Here is the official statement from her representatives:

A company associated with Ekaterina Rybolovleva, daughter of a well-known businessmanDmitriy Rybolovlev, has signed a contract to purchase an apartment at 15 Central Park West, New York. The apartment is a condominium currently owned by the Sanford Weill Family.

Ms. Rybolovleva is currently studying at a US university. She plans to stay in the apartment when visiting New York. Ms. Rybolovleva was born in Russia, is a resident of Monaco and has resided in Monaco and Switzerland for the past 15 years.”

The apartment, in one of the toniest post-war buildings in Manhattan, has 10 rooms including 4 bedrooms, a wraparound terrace of more than 2,000 sq. feet, 4 bedrooms and 2 wood burning fireplaces.

“This sale is an outlier. It works out to be about $13,000 per sq. foot, the highest on record, for anything, that has ever occurred,” says Jonathan Miller, chief executive of real estate appraiser Miller Samuel, “What is ironic is that when Sandy Weill bought it for less than half this amount, he paid the highest price per sq foot to date in that building, around, $6,400 per sq. foot. He is again setting a record.”

The previous New York City record had been set back before the market crash when investor Christopher Flowers paid $53 million for a townhouse at 4 east 75th Street. He resold the property on August 15 for just over $36 million.

There were two other very notable sales in the city this year. Russian composer Igor Krutoy paid a record $48 million for a condo at the Plaza in March, and a townhouse at 16 East 69th Street sold for $48 million in July.

Rybolovleva is the second daughter of a billionaire to make huge real estate news this year. Back in July, heiress Petra Ecclestone, daughter of UK Formula One billionaire Bernie Ecclestone, apparently paid $85 million for Spelling Manor, the 56,500-square foot mansion that was previously owned by Candy Spelling, widow of famed TV producer Aaron Spelling, whose works include the “Beverly Hills 90210,” “Charlie’s Angels,” and “Dynasty” series.

Rybolovleva’s father Dmitriy sold the majority of his stake in Uralkali, the fertilizer business that made him rich, for $6.5 billion in 2010. He is already known in U.S. real estate circles for his May 2008 purchase of Donald Trump’s Palm Beach mansion, Maison de L’Amitie. He paid $95 million in cash for that residence, $25 million less than what Trump had originally asked. It was apparently the largest single residence price concession of all time. He may not own that house much longer though. His wife Elena, who filed for divorce in Pam Beach court in 2009, is seeking transfer of ownership of the former Trump mansion. He himself spends much of his time at his home in Monaco and is likely to buy the struggling French football club, AS Monaco.

The selling broker would not allow images of the apartment to be published, but readers can view a photo and floor plan on its site.

{Forbes/Matzav.com Newscenter}