One would think that the 854th richest man in the world wouldn't have to worry such about petty transactions as buying a commercial co-op for $7.7 million, converting it to residential, and flipping it. But one would be incorrect, because that appears to be exactly what Apollo Global Management managing director Marc Rowan is going for in 927 Fifth Avenue, the building that he and his wife, Carolyn, are slowly taking over. The Rowans already owned the building's sixth floor unit when they bought the ground floor, which had been serving as a plastic surgeon's office, for $7.7 million in May. Then they bought the fifth floor last month for $26 million. Now, the ground floor unit has reappeared on the market for an outlandish $16 million, and has magically been turned into a residential unit at some point during the last ten months. If the Rowans get the full ask (which doesn't seem likely, but who knows) they'll be looking at an incredible $8.3 million profit, not counting whatever the renovation cost. Even William Zeckendorf didn't make that much for spending a year in 927 Fifth. Hey, you don't get to be worth $1.5 billion by resting on your laurels.
· Listing: 927 Fifth Avenue #1N [Elliman]
· Billionaire Marc Rowan Pays Millions For More Space In 927 Fifth Avenue [Observer]
· 927 Fifth Avenue coverage [Curbed]