Tamir Sapir
Who
Real estate magnate and American dream incarnate Tamir Sapir is one of New York's two cabbie-turned-billionaires. The other: Bruce Kovner.
Backstory
Teimuraz Sepiashvili was born in Tblisi, Georgia and stopped off in Israel (where he changed his name) before arriving in the U.S. in 1973 at the age of 26. After a three-year stint as a bus driver in Kentucky, Sapir moved to New York and found work as a cab driver. By the early 1980s, he'd quit the taxi business and mortgaged his medallion to open a wholesale electronics store, which quickly became popular with local Russians, especially high-ranking Soviet diplomats. As the Soviet Union crumbled to pieces, Sapir became a player in the extraordinarily lucrative electronics trade, sending over massive shipments of wares to Russia in exchange for the rights to distribute oil, chemicals and fertilizer in the U.S. Sapir, who once said he was "a schmuck in the right place at the right time," turned around and sold the oil and chemicals to companies like BP and Chevron and used the proceeds to invest in real estate, making his first acquisitions during the real estate recession of the early 1990s.
In 1992, Sapir paid $2.3 million for 90 John Street, tripling his money three years later. His next acquisition—2 Broadway, purchased for $20.5 million in 1995—almost ruined him: The cost of renovations tripled, a series of lawsuits were exchanged between Sapir and the building's tenant, the MTA, and both Sapir and MTA accused the man who managed the property with fraud. (Sapir and the MTA settled the case in 2003.) His other real estate investments have performed considerably better since then. He's now one of downtown Manhattan's most prominent landlords.
Of note
Through the various companies that Sapir controls—the Sapir Organization, Zar Realty, and SDS Investments—the Georgian billionaire controls over seven million square feet of space, most of it in lower Manhattan. In 2004, he made his biggest acquisition to date, picking up the Art Deco landmark 11 Madison Avenue (home to Credit Suisse and Danny Meyer's eatery) for $675 million from longtime owner Met Life. Other properties in his portfolio include 260-261 Madison Avenue, 384 Fifth Avenue, and 100 Church Street.
Over the past year, Sapir has been busy on two high-profile residential projects: With Andre Balazs, he developed the William Beaver House in the financial district. And with Donald Trump, he's developing the controversial hotel/condo Trump Soho. These days he works alongside his son, Alex Sapir, who serves as president of the Sapir Organization and the company's spokesman.
AKA
Sapir goes by "Tom" to friends and business associates.
Keeping score
Forbes estimated Sapir's net worth at $1.9 billion in 2008, making him the 246th richest person in the United States.
Legal file
Sapir no longer has oil interests in Russia: In the late 1990s, the government put an end to his lucrative business arrangement, handing over his contracts to Moscow Oil & Gas, a company controlled by the wife of Moscow's mayor. Sapir has been waging a legal battle ever since.
Personal
Following a bitter divorce in 2001 from his wife of 29 years, Bella, the diminutive billionaire married a long-legged blonde Russian model named Elena Ponomareva in 2006. He has four kids, two of whom—the aforementioned Alex and a daughter named Zina—work at the Sapir Organization.
Habitat
In 2006, Sapir made headlines when he bought the 20,000-square-foot, 11-fireplace, 6-story, 3-elevator Duke-Semans mansion for $40 million. He's since decided not to reside in the manse; instead he's converting it into a museum to house his 3,000-piece ivory collection. His primary residence is a gaudily decorated apartment in the Trump Tower where his neighbors include Donald Trump and Jeffrey Chodorow. Sapir also spends time at his Long Island estate, an oceanfront Acapulco triplex, and aboard a Versace-appointed yacht.
