REUTERS/Eduardo Munoz
People in front of the 740 Park Avenue building in New York on April 10.
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 — who lived there as a child — 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."
"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."
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.
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 $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 reportedly been rejected by the co-op board.
AP, Getty Images
Barbra Streisand, Neil Sedaka
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.
REUTERS/Eduardo Munoz
People pass by the 740 Park Avenue building in New York on April 10.
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.
Spencer Platt/Getty Images
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.
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.
Reuters, Christie's International Real Estate
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 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.
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
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.
Reuters, Christie's International Real Estate
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.
Zillow
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, and a media room, just hit the market again for $44 million.
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.
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
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.
Brown Harris Stevens
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.
Christie's International Real Estate
Source: Bloomberg
Photo is of a home recently listed at 740 Park; not owner's actual residence
Read more: http://www.businessinsider.com/740-park-avenue-powerful-address-2014-8?op=1#ixzz39dk9vXlv
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