Gaming and Sports Magnate Frank Fertitta Buys $70 Million NYC Two-Story Penthouse
Posted on: August 20, 2017, 10:00h.
Last updated on: August 18, 2017, 04:22h.
Station Casinos and Red Rock Resorts Chairman and CEO Frank Fertitta is New York City’s newest premium coop owner. The news came to light after property records revealed that he’s the mystery buyer of one of two duplex Manhattan penthouses at the chichi 520 Park Avenue highrise.
The six-bedroom duplex is one of the priciest units in the 54-story condo tower. Fertitta, who sold the UFC with his brother Lorenzo for an eye-popping $4.2 billion in July of 2016, remains the top dog at Nevada’s Station Casinos and controls 29 percent of the company’s shares.
He’s the latest casino mogul to take up residence on Manhattan’s “Billionaires’ Row,” a series of skyscrapers surrounding Central Park. Melco Resorts owner Lawrence Ho recently dropped $65 million on a lavish penthouse just three blocks away, at 432 Park Avenue. Ho’s pad also overlooks the Park, as well as his building’s neighbor, Trump Tower.
Fertitta’s main abode, however, is still in Las Vegas, where he lives with his wife and three children. Forbes estimates his worth to be just short of $2 billion. The brothers had initially purchased the UFC in 2000 for just $2 million, making it one of the best sports investments ever made.
Red Rock in the Red
Station Casinos, which largely targets the locals market in the Silver State, purchased the Palms Casino Resort through its parent company, Red Rock Resorts, for $312.5 million in May of 2016. Red Rock’s newest property helped raise its second quarter earnings in 2017 by almost 15 percent compared to 2016, with the Palms delivering $39.8 million in new net revenue.
But while revenues for the first six months of the year totaled $821.2 million, after operating expenses, Red Rock reported a loss of more than $6.1 million.
Red Rock operates 20 casinos in total in Nevada, as well as having properties in both Michigan and California.
Getting High Across America
With just slightly more than 9,000 square feet of indoor living space, Fertitta’s new six-bedroom duplex penthouse is massive by Big Apple standards. In case you’re in the market, we’ve saved you some time by gathering some of America’s fanciest penthouse real estate offerings now on the market, below.
Most Expensive Condo Listings Right Now:
Miami Beach (3315 Collins Ave) The 8,270-square-foot Faena House penthouse comes with a private rooftop pool and 2,700-square-foot deck overlooking the Atlantic Ocean. Price: $55 million
San Francisco (181 Fremont St) The mixed-used skyscraper on the 70th floor of 181 Fremont will give you an entire floor that totals almost 7,000 square feet. It’s the tallest residential occupancy west of the Mississippi, and offers 360-degree views of the city. Price: $42 million
Las Vegas (9103 Alta Dr) Situated within the upscale suburban retreat of Summerlin, the One Queensridge Place penthouse has six bedrooms, seven bathrooms, and over 14,000 square feet of living space. An eight-car garage and two-bedroom space for your chauffeur or butler are additional amenities. Price: $15 million
Chicago (9 W. Walton Street) This Windy City 7,100-square-foot penthouse inside the brand-new No. 9 Walton building has five bedrooms and five bathrooms. Price: $12.95 million
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