Iranian Boss Buys 47 Apartments İn Istanbul Skyscraper

Iranian businessman Mehrdad Safari has bought a total of 47 apartments in a luxurious Istanbul skyscraper for $90.6 million.

The price does not include VAT, although the rate on many of the apartments will only stand at 1 percent, while a portion will be subject to 8 percent tax following a recent tax cut.

Kiler Real Estate Investment Trust confirmed the sale in a statement to Borsa Istanbul, the city's stock exchange.

The 45-year-old buyer has real estate investments in Iran and other countries, Kiler REIT Chairman Nihat Kiler said.

"Mehrdad Safari rented an apartment in our Sapphire project before. Then he bought that apartment. His children go to school in Istanbul. His close relatives will live in some of the apartments he bought from us," Kiler said, adding that the buyer would resell or lease the remaining facilities.

The sale took place on Feb. 20, Kiler said.

Istanbul Sapphire is the tallest building in Istanbul and Turkey and is located in the central business district of Levent.

Istanbul Sapphire was the fourth tallest building in Europe when its construction was completed in 2010.

It rises 54 floors above ground level, and boasts an above-ground roof height of 238 meters.

The building has an overall structural height of 261 meters including its spire, which is part of the design and not a radio antenna.

Designed by Tabanlıoğlu Architects, Sapphire is a shopping and luxury residence mixed-use development managed by Kiler GYO.