Russian oligarch reportedly building NYC's largest residence

Published October 30, 2017
FOXBusiness

Updated 10/31/2017

Russian oligarch Roman Abramovich may be on his way to building the biggest private residence in Manhattan, according to the New York Post, which reported that he has scooped up a fourth Upper East Side townhouse adjacent to three that he already owns.


Abramovich and his architects previously submitted plans to combine three adjacent townhomes into one 18,000-square-foot mega-mansion. The first proposal was rejected, but the second was approved by the Landmarks Preservation Commission (LPC) in June 2016.

The LPC is the largest municipal preservation agency in the nation, responsible for protecting New York City's architecturally, historically and culturally significant buildings and sites. Its approval is one of the steps required before construction can begin.

Abramovich started buying the townhomes in 2014, according to data from Zillow, beginning with 11 E. 75th, which sold for $27.7 million. Also sold in 2014 was 15 E. 75th Street, which sold for $18.3 million, followed by 13 E. 75th for $30 million in 2015. No sales data was readily available for 9 E. 75th, the reported fourth adjacent townhome purchase by Abramovich.

The LPC told FOX Business that there is currently an application in for three buildings, 9 (the newest purchase), 11 and 13 E. 75th Street. They said 15 is not included in the current proposal.


The application is to redesign the façade of 9 E. 75th Street, modify masonry openings at 11 E. 75th Street; and to alter the areaways and rear facades, remove party walls, construct rooftop additions, excavate the cellars and yards and create green walls in the rear yards, according to the Commission. A hearing is scheduled for Nov. 13.

Forbes estimates Abramovich’s net worth at $9.6 billion. He owns stakes in steel giant Evraz, Norilsk Nickel, and the U.K.'s Chelsea soccer team. He also owns the 536’ Eclipse, the second-largest yacht in the world.

According to NeighborhoodX, the largest home for sale in Manhattan, as of August 2017, was a 20,000-square-foot townhouse on 5th Avenue.

This article was updated after the LPC returned FOX Business’ request for comment, informing of the new application, which included 9-13 E. 75th Street. The application approved in June 2016 was for 11-15 E. 75th Street.