Meet the billionaires of 740 Park Avenue, one of New York's historic 'Towers of Power'
740 Park opened its doors in October 1930, in the heart of the Great Depression. It remained a "financial sinkhole" until the 1980s, when apartment prices rose astronomically.
These days, only the wealthiest types are even considered for admission to the co-op. Applicants must be able to show a liquid net worth of at least $100 million.
Source: "740 Park: The Story Of The World's Richest Apartment Building" by Michael Gross
But wealth isn't the only factor. Barbra Streisand, Neil Sedaka, junk bond tycoon Nelson Peltz, and the billionaire Leo Blavatnik have all reportedly been rejected by the co-op board.
Source: "740 Park: The Story Of The World's Richest Apartment Building" by Michael Gross
Residents must also be willing to shell out vast sums. Maintenance fees can run $10,000 a month. And in 1990, residents paid an average of $250,000 each to repair the building's facade.
Source: "740 Park: The Story Of The World's Richest Apartment Building" by Michael Gross
The co-op isn't without its fair share of controversy. Occupy Wall Street protesters converged on the building, home to numerous titans of finance, in 2011. And more than a few residents have been the subjects of tabloid scandals.
740 Park was once home to one of the world's largest private collections of Mark Rothko works. The former owner — alleged Madoff middleman J. Ezra Merkin — still lives there, but the paintings were sold during the scandal. Earlier this month, a fire started in Merkin's apartment, apparently because of a snafu with the sauna. It caused serious damage to many surrounding units, including the one pictured here.
Source: Wall Street Journal, Patch
One of the damaged units belongs to billionaire Blackstone founder Stephen Schwarzman. He lives in what's considered to be the best triplex in the building, which was once owned by John D. Rockefeller. He bought it for about $30 million in 2000; it's worth an estimated $120 million today.
Source: New York Times, Business Insider
Hedge fund manager David Ganek paid $19 million for his duplex, famously the childhood home of Jackie O., in 2005. The apartment is currently on the market for $32.5 million; it was previously listed at $44 million. As it's on the same floor as Merkin's, it also sustained serious damages during the fire.
Source: Business Insider, CityFile
In 2011, Bank of America tried to foreclose on real estate mogul Kent Swig and his now ex-wife Elizabeth, saying they had not made payments on their 16-room apartment in two years. The home was listed for $32.5 million in early 2014, and finally sold this month for a steep cut to an undisclosed buyer; the last listing price was $22.5 million.
Israel "Izzy" Englander, billionaire founder of the hedge fund Millennium Partners, bought a duplex from France (yes, the country) in June 2014. After a bidding war, he paid $70 million, $22 million over the asking price. It's worth an estimated $95 million today — and was also impacted in the recent fire.
In 2003, oil heir David Koch paid $17 million for an 18-room duplex; he spent a year renovating the place before moving in. Now, his family has decamped to a hotel while the extensive fire damage is repaired.
Source: PageSix, "740 Park: The Story Of The World's Richest Apartment Building" by Michael Gross
Photo is of a home recently listed at 740 Park; not owner's actual residence.
Not all residents are in finance. Fashion designer Vera Wang paid $23.1 million for her father's residence at 740 Park in 2007, shortly after he died.
Source: New York Observer
Photo is of a home recently listed at 740 Park; not owner's actual residence
Thomas Tisch, of the ubiquitous Tisch family, bought the "Eisenhower Apartment" at 740 Park in 2000 for $15 million as a home for his wife and four children. Tisch is a director of Sears Holdings Corporation and a Brown University trustee, among other titles.
Source: NY Observer
Oaktree Capital cofounder Howard Marks bought two adjoining duplexes in May 2012 for $52.5 million, setting the record for the most expensive co-op ever sold in New York at the time. The apartment has 30 rooms, a private elevator, and two libraries. It's worth about $66 million today.
Source: Business Insider, New York Times
Jonathan Sobel, an investor and former partner at Goldman Sachs, paid $19.25 million for his duplex apartment in October 2012.
Photo is of a home recently listed at 740 Park; not owner's actual residence
John Thain, former CEO of Merrill Lynch and CIT Group, also resides at 740 Park. He bought his duplex from the late philanthropist Enid Haupt for $27.5 million in 2006.
Photo is of a home recently listed at 740 Park; not owner's actual residence
Hedge fund billionaire Charles Stevenson paid $9 million for his apartment and has served as the president of the building's co-op board.
Source: New York Times
Photo is of a home recently listed at 740 Park; not owner's actual residence
And William Lie Zeckendorf, a developer behind rival billionaire nest 15 Central Park West, paid $27 million for a 17th-story apartment at 740 Park in November 2011.
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