Franklin Resources chairman Charles B. Johnson has reportedly purchased a Manhattan apartment that belonged to the late Gerald Tsai, Jr., the legendary fund manager who passed away last July. Tsai's estate sold his Sherry Netherland apartment on Fifth Avenue for $3 million, the New York Observer reports. The apartment was purchased in the name of a trust belonging to Ann and Charles B. Johnson.

The Observer sums up the situation as such:

"Once it was mildly annoying, or at least completely boring, to hear that a Fifth Avenue co-op had passed from a recently deceased septuagenarian business tycoon to a slightly younger septuagenarian business tycoon. But now, considering how icy and morose the real estate market is, it's a reason to rejoice."

The purchase price was $1.1 million below the estate's original asking price, according to the report. Johnson already owns another apartment in the building, the report adds. 

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