Meet The Tycoons Who Live At 740 Park Ave., New York's Billionaire Hive
740 Park opened its doors in October 1930, in the heart of the 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 $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 Russian billionaire Leo Blavatnik have 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 it's 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.
Who calls 740 Park home? Billionaire Blackstone founder Steve Schwarzman lives in what's considered to be the best triplex in the building. Once owned by John D. Rockefeller, Schwarzman bought it for around $30 million in 2000. It's worth an estimated $120 million today.
Source: New York Times, Business Insider
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.
In 2003, oil heir David Koch paid $17 million for an 18-room duplex; he spent a year renovating the place before moving in.
Source: "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.
Oaktree Capital co-founder 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
Ex-Merrill Lynch CEO John Thain also resides at 740 Park. He bought his duplex from the late philanthropist Enid Haupt in 2006 for $27.5 million.
Photo is of a home recently listed at 740 Park; not owner's actual residence
740 Park was once home to one of the world's largest private collections of Mark Rothko works. The former owner — alleged Madoff middleman and ex-financier J. Ezra Merkin — still lives there, but the paintings were sold during the scandal.
Source: Wall Street Journal
Photo is of a home recently listed at 740 Park; not owner's actual residence
Hedge-fund manager David Ganek paid $19 million for his duplex, famously the childhood home of Jackie O., in 2005. The apartment, which has a marble gallery, a library, a media room, just hit the market again for $44 million.
Source: Business Insider, CityFile
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
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
In 2011, Bank of America tried to foreclose on real estate mogul Kent Swig and his now ex-wife, 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, though it's no longer on the market.
Source: Business Insider
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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