Billionaires Living in 740 Park Ave

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.

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.

Wikipedia

Source: “740 Park: The Story Of The World’s Richest Apartment Building” by Michael Gross

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.

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.

Google Earth

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.

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.

Barbra Streisand, Neil SedakaAP, Getty Images

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.

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.

REUTERS/Eduardo Munoz

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.

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.

Spencer Platt/Getty Images

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.

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.

Zillow

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.

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.

Google Earth

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.

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.

Zillow, Getty Images

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.

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.

Corcoran

Source: Business Insider, Curbed NY

 

 

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.

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.

Sotheby’s

Business Insider, Business Insider

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.

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.

Reuters, Christie’s International Real Estate

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.

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.

Charles Sykes/Invision/AP, Christie’s International Real Estate

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.

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.

Google Maps

 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.

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.

Christie’s International Real Estate

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.

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

Sotheby’s International Realty

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.

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.

Reuters, Christie’s International Real Estate

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.

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

Zillow

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.

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.

Christie’s International Real Estate