Egypt's Richest Man Spends $70 Million On NYC's New Most Expensive Co-Op

Nassef Sawiris, the richest man in Egypt, has broken the record for the priciest co-op sale in New York City after purchasing the penthouse at 960 Fifth Avenue for $70 million, according to The New York Daily News.

The co-op belonged to Edgar Bronfman Sr., chairman of the Seagram Co., until he passed away in December 2013. The property was listed with Brown Harris Stevens for $65 million in February 2014, and the buyer has been a mystery since it went into contract for $70 million a little over two months ago.

Before this, the record for the priciest co-op sale belonged to David Geffen who paid $54 million for a Fifth Avenue penthouse in 2012.

Sawiris' new home features 16 rooms, five fireplaces, a built-in safe, and a wraparound terrace with views of Central Park, among many other luxurious perks. One real estate source told The New York Post back in April that the new owner will likely gut the place.

See photos of the co-op as it currently stands below.

This living room in Sawiris' penthouse features one of five fireplaces.

The decor in the home is somewhat outdated.

The color palette in the 16-room apartment is reminiscent of the 1970s.

But the penthouse still maintains the architectural details common in a prewar building.

The formal dining room has a classical layout.

The apartment offers sprawling views of Central Park.

The wrap-around terrace got a lot of praise when the floor plan was released ahead of the interior photos.

Paige Cooperstein also contributed to this story.