Business

Meet The Tycoons Who Live At 740 Park Ave., New York's Billionaire Hive

Posted August 05, 2014 11:00 pm

Julie Zeveloff

<img src="http://static2.businessinsider.com/image/53da9fab69bedd330b4318f5-1200-800/rtr3ksok.jpg" border="0" alt="740 park avenue" />740 Park Avenue is a legendary address, at one time considered (and still thought to be by some) the most luxurious and powerful residential building in New York City.

The co-op, on the corner of 71st Street and Park Avenue, has an impressive past.

Built in 1929 by the grandfather of Jacqueline Kennedy Onassis <span>- </span>who lived there as a child <span>- </span>740 Park has just 31 residences that have commanded some of the highest real estate prices in New York history. John D. Rockefeller, financier Saul Steinberg, and Blackstone founder Steve Schwarzman have all called the building (and in fact, the same opulent apartment) home.

While many of New York's rich and powerful people have decamped to 15 Central Park West and the shiny condos rising along the new "Billionaire's Row" on 57th Street, that won't diminish classic co-ops of the Upper East Side, and 740 Park in particular, says Michael Gross. Gross is the author of "House of Outrageous Fortune" about 15 Central Park West and "740 Park: The Story of the World's Richest Apartment Building."

<span style="line-height: 1.5em;">"I think in the current condo era, [740 Park] represents a previous generation of Manhattan wealth," Gross told Business Insider. "But I think that the cyclical nature of real estate makes it a very good bet that co-ops will have a comeback, and the east side will have a comeback."</span>

<h3>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.</h3>

Source: "740 Park: The Story Of The World's Richest Apartment Building" by Michael Gross

<h3>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. </h3>

Source: "740 Park: The Story Of The World's Richest Apartment Building" by Michael Gross

<h3>But wealth isn't the only factor. Barbra Streisand, Neil Sedaka, junk bond tycoon Nelson Peltz, and the billionaire Leo Blavatnik have reportedly been rejected by the co-op board.</h3>

Source: "740 Park: The Story Of The World's Richest Apartment Building" by Michael Gross

<h3>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.</h3>

Source: "740 Park: The Story Of The World's Richest Apartment Building" by Michael Gross

<h3>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.</h3>

<h3>Who calls 740 Park home? Billionaire Blackstone founder Steve Schwarzman lives in what's considered to be the best triplex in the building. Schwarzman bought the unit, once owned by John D. Rockefeller, for about $30 million in 2000. It's worth an estimated $120 million today.</h3>

Source: New York Times, Business Insider

<h3>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.</h3>

Business Insider, Business Insider

<h3>In 2003, oil heir David Koch paid $17 million for an 18-room duplex; he spent a year renovating the place before moving in.</h3>

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.

<h3>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.</h3>

Source: Business Insider, New York Times

<h3>Jonathan Sobel, an investor and former partner at Goldman Sachs, paid $19.25 million for his duplex apartment in October 2012.</h3>

Photo is of a home recently listed at 740 Park; not owner's actual residence

<h3>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.</h3>

Photo is of a home recently listed at 740 Park; not owner's actual residence

<h3>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.</h3>

Source: Wall Street Journal

<em>Photo is of a home recently listed at 740 Park; not owner's actual residence</em>

<h3>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, and a media room, just hit the market again for $44 million.</h3>

Source: Business Insider, CityFile

<em> </em>

<h3>Hedge fund billionaire Charles Stevenson paid $9 million for his apartment and has served as the president of the building's co-op board.</h3>

Source: New York Times

<em>Photo is of a home recently listed at 740 Park; not owner's actual residence</em>

<h3>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.</h3>

Source: New York Observer

Photo is of a home recently listed at 740 Park; not owner's actual residence

<h3>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.</h3>

Source: Business Insider

<em><em>Photo is of a home recently listed at 740 Park; not owner's actual residence </em></em>

<em> </em>

<h3>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.</h3>

Source: Bloomberg

<em>Photo is of a home recently listed at 740 Park; not owner's actual residence </em>

<h3>Where else do finance tycoons live?</h3>

<h2>The Most Expensive Homes In Finance, Ranked! ></h2>

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