Jeff Bezos Buys Top Floors of Luxury Downtown Building -- WSJ

The Amazon CEO has purchased three adjoining units at 212 Fifth Avenue in a deal that could be worth as much as $86 million.

By Katherine Clarke

This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal (June 7, 2019).

Amazon Chief Executive Jeff Bezos is set to finalize the purchase of three New York apartments Tuesday in a deal valued at around $80 million, according to people familiar with the transaction.

Mr. Bezos is buying a penthouse and two units directly beneath it at 212 Fifth Avenue, located near Madison Square Park, these people said. The main penthouse alone spans three floors, with a private elevator and large terraces, according to StreetEasy. If turned into a single-family home the three units would total more than 17,000 square feet, with 12 bedrooms.

The penthouse, which was asking $73.8 million at one point in 2017, was most recently on the market for $58 million, though the exact sales price wasn't clear as the deal hasn't yet been recorded publicly. The other two units sold for a collective $28.45 million, public records show.

The deal is the priciest ever closed in New York south of 42nd Street, said appraiser Jonathan Miller. It's also the second largest deal closed this year in New York, second only to hedge funder Ken Griffin's nearly $240 million deal for a penthouse at 220 Central Park South, Mr. Miller said.

The deal comes almost four months after Mr. Bezos's company ditched plans for a corporate headquarters in the Long Island City area of New York, and amid his divorce from longtime wife MacKenzie Bezos. Bloomberg Billionaire's Index pegs his net worth at $106 billion. A spokesman for Mr. Bezos did not immediately respond to a request for comment.

Mr. Bezos has been on the hunt for a New York home for months, and eyed the penthouse at the XI, a new two-tower condo project in West Chelsea, according to people familiar with his search. The executive had parties involved with the search sign nondisclosure agreements, those people said.

The Fifth Avenue building dates back to 1912. Originally used for manufacturing, it was converted into nearly 50 condos in 2015 and was developed by a partnership that includes Madison Equities, Building and Land Technology and Thor Equities. Though the building is undoubtedly luxurious, it is not known for its flashiness: Amenities include a fitness center and a game room. StreetEasy shows that all the original sponsor units are in contract or sold.

John Burger of Brown Harris Stevens represented Mr. Bezos in the deal, according to people familiar with his role. Nikki Field, Brad Ingalls, Mara Flash Blum and Kevin B. Brown of Sotheby's International Realty were the listing agents, according to StreetEasy.

Mr. Bezos also has homes in Beverly Hills, Calif., Washington, D.C., West Texas and Medina, Wash., The Wall Street Journal reported in January. In New York, he and his ex-wife lived at the Century at 25 Central Park West. In 1999 they paid $7.65 million for three units at that art deco building owned by then-Sony Music Chief Executive Tommy Mottola. Then in 2012 Mr. Bezos paid $5.3 million for an adjacent 1,725-square-foot unit.

(END) Dow Jones Newswires

June 07, 2019 02:47 ET (06:47 GMT)

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