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David Geffen Makes Off-Market Deal, Sells New York City Co-Op to Gas and Mining Tycoon

New York City, N.Y.
$24.5 million
(approx.) 5,000 square feet, 2 bedrooms, 2.5 bathrooms

DreamWorks co-founder David Geffen continues to lighten his still mind-numbing residential real estate load with the off-market sale of a New York City co-operative apartment for $24.5 million to Russian-American gas and mining billionaire Eugene Shvidler. As reported by the eagle-eyed property gossips at Mansion Global, who sussed out the secret sale through property records, the septuagenarian media tycoon, Hollywood’s richest man with a net worth estimated by the bean counters at Forbes at around $8.5 billion, purchased the high-floor spread in 2010 for $14.17 million from fellow veteran entertainment industry power player Robert A. Daly, currently chairman of the American Film Institute, and celebrated Top 40 songwriter Carole Bayer Sager.

According to marketing materials from when it popped up for sale on the open market for a few months during the latter part of 2016 at $27.5 million, the approximately 5,000-square-foot aerie was designed by superstar American architect Charles Gwathmey and configured with two bedrooms and 2.5 bathrooms. The aggressively unassuming yet eye-poppingly pricey 19-story white brick building offers white-glove services and amenities — i.e. a 24-hour staffed lobby, a private fitness club and mail and newspaper delivery direct to each unit — for which residents pay dearly. Listing details from 2016 show the unit Geffen sold to Shvidler was then saddled with sweat-inducing maintenance fees of more than $12,000 per month.

The unquestionably sophisticated yet comfortably low-key interior spaces include a combination living and dining room that stretches magnanimously more than 45-feet from end to end with a trio of giant windows that provide an up close, catty-corner view of the iconic Plaza Hotel and a panoramic, western vista across the southern flank of Central Park. Fitted with a mix of stainless steel and bespoke, furniture grade wood cabinetry, the center island kitchen includes a daringly cantilevered breakfast table beneath a huge window and, in what was originally a bedroom, there’s a sound proofed library/screening room outfitted with a state-of-the-art, money-is-no-object projectionist booth. The lone guest bedroom occupies the apartment’s northwestern corner with a double-exposure that allows for a sweeping view over and clear across Central Park while the master bedroom is discreetly tucked up into the northeast corner with a rigorously tailored, boutique-style fitted dressing room and contemporary, Zen spa-style compartmentalized bathroom.

Despite the sale, Geffen has not left the building; He still owns two other multi-million dollar units. In late 2014 he shelled out $2.3 million for a expensively renovated if otherwise fairly ordinary one-bedroom and 1.5-bathroom unit on a middle floor of the building but it seems highly unlikely it was acquired for his own use as he additionally owns a much more grand triplex penthouse of approximately 12,000-square-feet he scooped up from socialite songwriter Denise Rich in 2012 for $54 million and spent untold millions more on an extensive overhaul that annoyed and disrupted at least one of his well-heeled neighbors.

Out in the Hamptons, Geffen traded a pastoral 5.5-acre compound on East Hampton’s prestigious Georgica Pond, sold in the spring of 2016 for $67.3 million, for a just over two-acre ocean-front spread only half of a mile away he also picked up in the spring of 2016 for $70 million. On the West Coast the property mad mogul hangs on to a home above Coldwater Canyon in Beverly Hills he’s owned since the 1970s as well as the fable Jack Warner Estate in Beverly Hills, an fastidiously landscaped ten-acre demesne he snagged in 1990 for a reported $47.5 million, then the highest price ever paid for a private home in the United States according to an L.A. Times report from the time of the sale.

Though he retains an impressive and expensive to maintain residential foothold in Beverly Hills, Geffen has in the last year sold two beachfront homes in Malibu. He took a by-any-standard staggering $1.8 million hit on a two-bedroom and two-bathroom contemporary bungalow on a plum section of Carbon Beach that he bought in 2008 for $9.8 million from Hard Rock Café co-founder Peter Morton and sold in July 2017 for $8 million but hauled in a fortune when, just a few months earlier, he sold his assiduously maintained East-Coast style compound, also on Carbon Beach, in an off-market deal to a consortium that includes Dodgers owner Mark Walters for $85 million. The transaction, then a record setting price as the most ever paid for a single family residence in Malibu, has been swept up in an SEC investigation involving Walters and his investment and financial advisory firm Guggenheim Partners and the record sale price was, as it turns out, short-lived and utterly shattered earlier this year when, coincidentally enough, Peter Morton sold his spectacular Richard Meier-designed compound on Carbon Beach for a bone-vaporizing $110 million to natural gas billionaire Michael S. Smith.

As for Shvidler, he’s certainly no stranger to the international ultra-high end real state marketplace. In addition to his primary residence, a £20-plus million home in London’s mega-posh Belgravia neighborhood reported to “boast such luxuries as leather floors,” he owns the Château Thénac vineyard just east of Bordeaux in southwest France’s Bergerac area as well as a 6,000-square-foot ski-in/ski-out home in the rustically ritzy Two Creeks subdivision in Snowmass, Colo., he reportedly scooped up in 2008 for $14.5 million, not to mention a 370-foot mega-yacht called Le Grand Bleu he acquired from his famously profligate Russian oligarch best buddy and business partner Roman Abramovich.

listing photos and floor plan: Corcoran (via Street Easy)

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