Warner Music Group Owner Pays $77.5 Million for Manhattan Apartment

Len Blavatnik - Blavatnik Awards for Young Scientists - 2010
Rick Maiman/Bloomberg/Getty Images

The Fifth Avenue duplex is in building that has housed many industry figures over the years.

Len Blavatnik, Ukrainian born billionaire movie investor and owner of Warner Music Group, has paid $77.5 million for an exclusive New York apartment, according to a New York Times report on Friday. 

The spacious five-bedroom duplex opposite Central Park Zoo on Manhattan's Fifth Avenue topped the previous highest price paid for a city co-op apartment, the Times reported. The previous record was set in the summer of 2014 when hedge fund boss Israel 'Izzy' Englander paid more than $71 million for two-level apartment on Park Avenue, the newspaper said. 

The sprawling apartment, No. 1112A, is located on the 11th and 12th floors of 834 Fifth Avenue at the corner of East 64th Street. Monthly maintenance charges for the residence are more than $21,000 the Times reports, citing a real estate agency's listing for the apartment by Sotheby's International Realty and Brown Harris Stevens. The 16-story limestone building, which dates to 1931, has a long history of housing entertainment industry figures.

Blavatnik, who heads Access Industries and holds U.S. citizenship, has bought the co-op with his wife Emily, the Times reported. The mogul heads Access Industries and holds U.S citizenship. He and his wife also have a house in London and properties in Russia. 

The couple are often seen at exclusive parties at the Cannes Film Festival. A film lover, Blavatnik's recent investments include putting money into Moscow Never Sleeps, a Russian language feature by Moscow-based Irish director Johnny O'Reilly.