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  1. Wealth
January 14, 2010

Lily Safra buys $33m condo on Fifth Avenue

By Spear's

Ara K. Hovnanian and Rachel Lee Hovnanian sold a condo at 820 Fifth Ave. in Lenox Hill to Lily Safra for $33 million on Dec. 16.

Ara K. Hovnanian and Rachel Lee Hovnanian sold a condo at 820 Fifth Ave. in Lenox Hill to Lily Safra for $33 million on Dec. 16.

Unit #4 was built in 1916 and is part of the 820 5th Ave condominium development.

Safra is a Brazilian billionaire who is the widow of Edmond Safra, the founder of the Republic Bank of New York. Forbes reported that her net worth in 2009 is $1 billion, making her the 701st richest person in the world.

Mr. Hovnanian is chairman of the board, president and chief executive officer of Hovnanian Enterprises Inc., a New York developer of luxury homes. He is also a member of the advisory council of PNC Bank.

To read the full story, visit blockshopper.com

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