If you were beginning to feel like the luxury real estate market was a thing of the past, don’t jump to conclusions. There are plenty of extremely wealthy individuals who are carrying on with their high-end purchases, and socialite and philanthropist Lily Safra is elegantly leading the pack.
Lily Safra is the widow of Edmond Safra, a billionaire banker, and this month Safra demonstrated that despite tough times, the high-end real estate market continues. On December 16, the socialite and philanthropist sold one cooperative apartment located at 820 Fifth Avenue at 63rd Street for $40 million before turning around and purchasing another unit in the same building for $33 million later that day.
Safra sold the first apartment located on the 12th floor to hedge fund manager, Kenneth Griffin, before buying a fourth floor apartment from Ara Hovnanian, CEO of Hovnanian Enterprises.