New York Fertilizer Baron Alex Rovt Buys $303 Million Building With Cash
New York City, NY – Billionaire Alex Rovt may not have been well known outside of his Russian-speaking community in NYC, but his recent $303 million cash purchase has thrust him into the spotlight. The successful businessman made his fortune in the fertilizer trade in Eastern Europe. Seeking a new fiscal endeavor with long-term stability, Rovt decided to invest in Big Apple real estate.
Although altruism may not have been among his primary goals when embarking on a new career in the real estate realm, the manure magnet became known as a financial savior to Joshua Zamir, according to Bloomberg Businessweek. The 28-year-old entrepreneur took on massive debt when his property investment firm purchased the old Bankers Trust Building. The Wall Street landmark encompasses 37-stories and boasts an extremely distinctive pyramid-style roof. The purchase set Zamir’s firm back a cool $325 million.
During the past half-decade, the Bankers Trust Building deal swirled into a downward spiral as office space rental agreements failed to bring in enough profit to cover the firm’s loan. In the spring of 2012, the young investor was faced with a $145 million mortgage bill that he could not pay.
Alex Rovt may have appeared to look a bit like Superman when he offered to buy the loan debt. The initial investment firm retains a small ownership interest in the old Bankers Trust Building.
Joshua Zamir had this to say about the fertilizer billionaire’s offer:
“He told me he was very interested in buying the debt and if I didn’t work with him, he would do it anyway.”
The highly successful Carpathian businessman, who moved to Brooklyn almost three decades ago, prefers to pay in cash to avoid being exposed to an economic crisis. Several years ago, Rovt turned a mundane space on the Upper East Side in an opulent mansion he lovingly refers to as a fortress. The five-story home was made out of reinforced concrete and boasts windows complete with retractable bulletproof shades. The Manhattan mansion also includes a private garage, an elevator to the top-floor movie theater, gilded parlor, winding staircase, and a tiled swimming pool, the Real Estalker notes.