Egyptian real estate tycoon lists Park Avenue pad for cool $8M

Samih Sawiris, an Egyptian hotel developer, has just listed his apartment at 417 Park Avenue for $7.99 million, city records show.

Sawiris is a member of Egypt’s wealthiest family, which is helmed by his father, Onsi Sawiris. Onsi founded the family’s conglomerate company, Orascom Construction Industries (now called OCI), and is worth $1.41 billion, according to Forbes. Samih’s brother, Naguib, ran the company’s telecommunications arm, Orascom Telecom Media & Technology, until 2016 and is worth $3.8 billion. Their other brother, Nassef, now runs OCI, the largest producer of nitrogen fertilizer in the world, and is worth $6.5 billion. He set a record for the highest price ever paid for a co-op, when he bought a pad at 960 Fifth Avenue for $70 million.

Sawiris has been less successful with his own business ventures, mainly due to unrest in the region from the Arab Spring, which negatively impacted tourism in the region and therefore his hotel businesses. He is the founder of Orascom for Hotels and Development and currently serves as chairman  of Orascom Development Holdings. He has opened resorts in Egypt, the Middle East and Switzerland.

Sawiris bought this 3,110-square-foot apartment in 2010 for $7.25 million with a woman named Gloria Gallagher, and tried to list it in 2013 for $9.5 million. It has three and a half bedrooms, four and a half bathrooms, herringbone floors, a corner library, a custom sauna, views of Park Avenue and maid’s quarters.

Richard Hottinger and Frank Lulgjuraj of Corcoran have the listing.