Bloomberg News

Oak Hill’s Bass Buys Co-Op on Fifth Avenue for $42 Million

February 14, 2012

(Updates with Bass declining to comment in fifth paragraph, price data in last.)

Feb. 13 (Bloomberg) -- Robert M. Bass, the billionaire who started investment firm Oak Hill Capital Partners, bought a co- operative apartment on Manhattan’s Upper East Side for $42 million, according to city property records.

The 12th-floor unit is in a building at 834 Fifth Ave. where News Corp. Chairman Rupert Murdoch and Charles Schwab, the founder of his namesake company, also own apartments, property filings show.

Bass was ranked 88th on the 2011 Forbes list of the 400 richest Americans, with a net worth of $3.6 billion. The apartment’s seller is listed as Damon Mezzacappa, chief executive officer of Mezzacappa Management LLC and former vice chairman of Lazard Freres & Co.

The limestone building near 64th Street, designed by architect Rosario Candela and built in the early 1930s, has fewer than 25 units and is “the epitome of privacy and exclusivity,” according to a previous listing for another apartment in the building.

Bass declined to comment on the purchase through a spokeswoman, Marcia Horowitz. Damon Mezzacappa didn’t return a message left at his Palm Beach, Florida, home.

Purchases of Manhattan luxury apartments, defined as the top 10 percent of all sales by price, declined 13 percent in the fourth quarter from a year earlier to 201 deals, according to a report last month by New York appraiser Miller Samuel Inc. and Prudential Douglas Elliman. The median price of those transactions dropped 4.6 percent to $4.15 million.

--Editors: Daniel Taub, Christine Maurus

To contact the reporter on this story: Oshrat Carmiel in New York at ocarmiel1@bloomberg.net

To contact the editor responsible for this story: Daniel Taub at dtaub@bloomberg.net -0- Feb/13/2012 17:17 GMT


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