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740 Park

The Story of the World’s Richest Apartment Building

"Compulsively readable."Liesl Schillinger, The New York Times

"Jaw-dropping apartment porn."Fortune

"[A] great read... gossipy... revealing."People

"As rich as his subjects."Forbes FYI

"The Lolita of shelter porn."New York Observer

"Life after folly-filled life flashes forward like Park Avenue canopies viewed from a speeding town car."New York Times

"The is social history at its finest."Dominick Dunne

"Finally! A look inside the golden tabernacle of high society."Kitty Kelley

Photo of 740 ParkFor 75 years, it’s been one of the most lusted-after addresses in the world. Even today, it is steeped in money, the kind most of us can only imagine. Until now. The story of 740 Park Avenue sweeps across the twentieth century to today, and Michael Gross tells it in glorious, intimate and unprecedented detail. From the financial shenanigans that preceded the laying of the cornerstone, to the dazzlingly and sometimes decadently rich people who hid and hide behind its walls, this is a sweeping social and economic epic, starring our wealthiest and most powerful old-money families — Vanderbilt, Rockefeller, Bouvier, Chrysler, and Houghton — Greed Decade symbols Ronald Perelman, Henry Kravis, and Saul Steinberg, and the names in today’s scary financial headlines: David Koch, John Thain, Ezra Merkin and Steve Schwarzman.

September 30th, 2014

The King of the Dinsosaurs and other tales of power in the city

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The October issue of Avenue is out this week and is now available to read online. In today’s New York Post, Richard Johnson previews the cover story on 740 Park resident David Koch‘s philanthropy. The controversial conservative demonstrated his considerable sense of humor when he posed for us wearing a dinosaur tie (click the cover at right to see it) in front of two dinosaur skeletons at the American Museum of Natural History, one of the institutions he favors. The issue, which I guest-edited, also features this year’s Avenue A-List (are you on it?), a previously unpublished interview with the late Lauren Bacall, and my latest Unreal Estate column, revealing how I first came to write a real estate column.

September 3rd, 2014

Izzy Does It

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Hedgie Israel Englander‘s purchase of the French government’s duplex at 740 Park Avenue for a co-op-record-setting $71,277,500 hit public records over the weekend. Assuming he plans to combine his new palace with his existing one, a flight above, to create a massive triplex, Englander will likely top upstairs moneybags neighbor Stephen Schwarzman , and be able to claim ownership of the most impressive spread in the luxury building. Square footage in co-ops is difficult to compute, but his current fourteenth floor apartment (shown at left), one of the building’s few simplexes, which he’s owned since 2000, sprawls across 740′s entire Park Avenue front, while the former residence of the French UN ambassador sits just below in the corner ‘B’ line on the twelfth and thirteenth floors. The combined unit acccounted for 4,000 shares of the cooperative’s stock, while Schwarzman’s represents only 2,500 according to the original offering plan. Englander’s next door neighbor on twelve and thirteen is another financier, Howard Marks, whose combined apartments in the ‘C’ and ‘D’ lines are larger than Schwarzman’s but look out on East 71st Street. Marks holds ten more shares than Schwarzman, according to the offering plan. The building’s only other triplex, a penthouse on floors seventeen to nineteen, is considerably smaller and belongs to George David, the former head of United Technologies.

August 7th, 2014

The other tower of power

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Business Insider touts 740 Park as the Billionaire’s Hive this week. The more things change, the more they stay the same, I guess.

July 16th, 2014

Ganek, Ganek, Gone…..

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Hedgie David Ganek bought the 740 Park duplex where Jacqueline Bouvier Kennedy grew up (in an apartment provided to her father “Black Jack” Bouvier by her grandfather, 740 developer James T. Lee) just before 740 Park was published. Now, having purchased a loft at Jared Kushner‘s renovated Puck Building just after Departures published my story featuring the lavish home, Ganek’s put his 740 unit on the market via Sothebys’ broker Serena Boardman, asking $44 million.

July 10th, 2014

Eileen Ford, RIP

I just learned that fashion modeling pioneer Eileen Ford, 92, died today. Her life story is fully told in Model: The Ugly Business of Beautiful Women, which can be ordered via links on this web site. UPDATE: Here are obits from the Los Angeles Times (which was so nice, they did the obit twice) and the New York Times.

June 17th, 2014

Is it Izzy?

Curbed reports today that the French government’s apartment at 740 Park Avenue has been sold, according to Paris Match, to upstairs neighbor Israel “Izzy” Englander after a bidding war that saw the price soar millions over ask to tie the current co-op sale record of $70 million. Englander, a secretive hedge fund runner, is unlikely to confirm or expand, but his history and that of his current apartment–a rare, sprawling 740 simplex, are spelled out in 740 Park. And if the report is true, he will climb over his upstairs neighbor Steve Schwartzman to become 740′s big man on campus. Not that guys like that care whose is bigger!

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May 21st, 2014

Another sale (and multi-million-dollar profit) at 15CPW

Apartment 15K at 15CPW, a three-bedroom spread with a balcony, albeit one without a park view, has sold for a second time for just over $13 million. It was first purchased off plans by Evan Cole, co-founder of ABC Home, who sold it a month after taking possession in March 2008. As reported in House of Outrageous Fortune, Cole sold it “to an investment manager in Chicago, whose son would eventually occupy the apartment. Cole thought they were ‘Goldman Sachs people,’ he says, ‘but I didn’t look. They’re probably smarter than me. I’m sure it’s worth millions more than they paid.’” That was $9.1 million, so Cole was correct. His buyers, Roxanne and Daniel Martino (she is CEO of Aurora Investment Management) walked away with a $4 million profit. Their buyer is an LLC called Park 15.

May 6th, 2014

Hedgie Havens

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Fifteen Central Park West and 740 Park Avenue are well-represented on Institutional Investor’s Alpha magazine list of the top-earning hedge fund runners for 2013. SAC Capital’s Steven A. Cohen comes in at #2. Though he isn’t a resident of either building, Raj Sethi and Derek Cribbs of that firm both own apartments at 15. Coming in at No. 5 on the Rich List, with estimated earnings of just under $1 billion, is Citadel’s Kenneth Griffin, who rented at 15 after deciding not to buy. Just beneath Griffen, with earnings of $850 million last year is 740 Park’s Israel “Izzy” Englander of Millennium Management. Daniel Loeb, aka “Pinnocchio with a Penthouse” at 15, occupies position No. 7, having taken home $700 million. Dan Och of Och-Ziff may have earned less, raking in $385 million last year, but his 15 penthouse is several floors higher than Loeb’s. And Barry Rosenstein of JANA Partners scores a slot on what Alpha deems the hedge world’s “Second Team” with 2013 earnings of about $250 million. The top 25 hedgies made about $14 billion last year, ensuring the flow of cash that fuels Manhattan’s condo market.

May 5th, 2014

Help Save Bookhampton

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This heartbreaking letter just arrived from the wonderful Bookhampton book stores:
Dear Friends and Neighbors and BookLovers:
The most wonderful part of owning BookHampton has been the discovery of new books and the camaraderie of fellow readers. The saddest part is the
awareness that all things, even those we cherish most, have days that are numbered. The frozen Winter and this very chilly Spring caught BookHampton in a
grip that has brought us to our knees. We’re fighting to have one more Summer, and not to be bowed by the writing on the wall that forced our
colleagues to close their doors. In NYC alone: Coliseum Books, Gotham, Endicott, Shakespeare & Co., Murder Ink, the lovely Madison Avenue
Bookshop, the incomparable Books & Co., BN Lincoln Center and now Rizzoli – all gone. A good friend asked if there’s anything that we can do to hold on to
BookHampton. As I tried to find one more answer, the brilliant metaphor of the great writer Anne LaMott came to mind. “My brother,” she wrote in
Bird by Bird, “was trying to get a report on birds written that he’d had three months to write. It was due the next day… he was at the kitchen table close
to tears… immobilized by the hugeness of the task ahead. Then my father sat down beside him, put his arm around my brother’s shoulder, and said,
‘Bird by bird, buddy. Just take it bird by bird.’” So here then is my answer and a heartfelt request: Could you please help us take on the enormous challenge of saving BookHampton book by book. If every one of our friends, neighbors, and booklovers would be so kind as to buy one book today, it would make a true and immediate difference: bookhampton@bookhampton.com
Please take a moment to order just one book right now from BookHampton
Any book at all. http://bookhampton.com/buy-a-book/
Tell us the book you’re looking for or let us make a great recommendation. We’ll hold it in store or ship it anywhere!
Or call us : (631) 324-4939 or (631) 488-5953.
BookHampton is the literary cornerstone of our community; the beach, the farms, and this bookstore enrich all our lives and nourish our souls.
Thank you, in advance, for taking the time today to save BookHampton book by book.
Charline and Chris, Billy, Kim, Taylor, Mary, Sarah, Greg, Kate, Ken

February 3rd, 2014

Gripepad Exclusive: $45 million saves River Club

River House–a frequent subject in this space–released a statement today revealing that a letter of intent has been signed to keep the private River Club inside the esteemed cooperative apartment house. What was not revealed was the price, but Gripepad has confirmed with an inside source that it is a $45 million deal. Not quite the $130 million the building claimed to be seeking for the premises–it also claimed that was not a negotiating ploy–but not chump change, either. So though on a blogging hiatus while traveling, Gripepad thought you should know.