Elie Tahari’s Penthouse Deal

Posted by writer | Elie Tahari |

Elie Tahari and Rory

A renowned luxury fashion designer, Elie Tahari is now famous not only for his $500 million business and the title of “the king of the jacket”, but also his real estate portfolio, which gives all the rights to call him “the king of real estate”. Until now, Mr. Tahari could never have a small piece of Manhattan, though big money was paid for it.

It was back in 1979, when the designer paid $325,000 for a penthouse at 860 Fifth Avenue. For all those decades to come, Elie Tahari had been looking for purchasing a two-bedroom penthouse across the hall, and it wasn’t until now, when he’s got this opportunity. In January 25, the designer bought his new fit for more than $4 million.

The purchase process wasn’t really smooth, and the Elie Tahari and his wife had a few obstacles on their way to a cherished apartment. In the last several years, Mr. Tahari had to start legal actions, when they almost prevented him from enlarging his unit and buying air rights to construct his immense home (roughly 4,000 square feet). He was lucky enough to buy his air rights for $2.5 million and paid $1.2 million to mend the roof. The construction is still in process ever since.

It is still unclear why Mr. Tahari would have such a great interest in 860 Fifth and what are his plans for his new addition, although these plans will most likely be extensive, since the owner has long had his eye on the property.

Other properties by Mr. Tahari include the Trump International (he sold the building for $13 million back in 2006), half of the floor in a penthouse at 1 Central Park West, triplex penthouse on the Prince Street (sold in 2010 for $27 million). There are also real estates on the East End, which the designer is going to sell in the near future.

At the time, Mr. Tahari lives in a comfortable, cozy place at 15 Central Park West, paying $30,000 per months for his rent. He moved there in September after legal proceedings between the condo’s owner and its previous occupant, Russell Abrams, who spent over a year in the unit, which is normally all the time allowed by the condo board.

Well, is there any chance Mr. Tahari will move to his new home shortly?

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