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Hotelier Richard Born Pays $18M For City's Most Ornate Ceiling

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The man behind 25 mostly trendy (and essential) New York City hotels—among them the Bowery, the Maritime, the Mercer, the Greenwich, and... the Pod—has bought himself a place to stay the night several nights. And a pretty palatial place it is, given that the Peter Marino-renovated eighth floor of 1020 Fifth Avenue has, among other features, a 20' x 40' foot "salon" with 18-foot ceilings kitted out with the city's most ornate design and "dramatic Louis XV-style paneling" that faces the Met. It was formerly home to billionaire Meshulam Riklis's daughter Mona Ackerman, who passed away in 2012. The four-bedroom, five-bathroom co-op, featured on the cover of Architectural Digest in 1991, was listed in April of last year for $25 million, PriceChopped a month later to $19.95 million, and the Observer reports that Born got the ask down to a cool $18M. The NYO crunched the numbers for some perspective: "If we've calculated it correctly, that's the cost of approximately 36,000 nights at the Bowery Hotel, which last we checked, averaged around $500 a night."

· Listing: 1020 Fifth Avenue #8FL [Corcoran via StreetEasy]
· Mercer me! Hotelier Richard Born Drops $18 M. on Absurdly Fancy Spread at 1020 Fifth [NYO]
· Fifth Ave. Co-op with City's Most Ornate Ceilings Wants $25M [Curbed]
· Richard Born coverage [Curbed]
· 1020 Fifth Avenue [Curbed]