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.

December 1st, 2016

740 Park: The Comeback Begins

740After an annus horribilus full of troubles, is 740 Park, subject of my 2005 book, once again New York’s Tower of Power? Consider this: Though his primary residence is California, Secretary of the Treasure-designate Steven Mnuchin remains the owner of a duplex there. And ten floors above him in a triplex penthouse lives the cooperative’s president, George David, former chairman and CEO of defense contractor United Technologies, which owns Carrier, the air-conditioning giant that yesterday agreed to keep jobs in the United States. Might the neighbors have facilitated that deal in a little chat in the elevator or the basement gym?

June 19th, 2016

A leak out of Focus:  Dick Avedon’s double life

In his column today, Richard Johnson of the New York Post reports on the revelation in Focus that twice-married Richard Avedon, a major character in the book, was secretly bisexual. It’s but one of dozens of secrets spilled in the story of fashion photography’s glory years.  What’s next? Stay tuned for more…

June 5th, 2016

Are you down with RPP (Rich People’s Problems)?

I revisit 740 Park, the subject of my 2005 book, in “Fire, Floods, Theft: The Plagues of 740″, in today’s New York Post. All the story is missing is locusts. See if you can ID the frog in the lily pond. UPDATE: Mail Online picked up the story too.

May 25th, 2016

Plague Days at 740 Park

After a devastating fire a few weeks ago, the world’s richest apartment building, 740 Park, is now being cloaked in 184 linear feet of sidewalk shed. Why? A source with detailed knowledge of the 1929 building’s woes says that after chunks of limestone fell from its facade last July, causing the FDNY to rush there, it was determined that some of the metal brackets that hold the massive stone blocks in place “are rusting, and as it rusts, it swells and pops the limestone, causing pieces to fall.” The source adds, “They have to do probes on the limestone [and] might have to re-clad the building at a cost of $100 million.” That would likely trigger an assessment of about $3 million per apartment. Lucky thing the “poor” residents of 740 (many of whom, including David and Julia Koch, are currently said to be living at The Mark Hotel nearby while remediating fire damage) can afford it. Before the frogs and locusts arrive, cue the world’s smallest violins for a chorus of rich people’s problems.

May 13th, 2016

It isn’t only luxury condos crashing: Hedgies are dropping, too

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Today’s New York Times highlights one reason why Manhattan’s high-end condo market is collapsing, as Extell founder Gary Barnett admitted yesterday. James B. Stewart writes that investments in hedge funds, the financial high fliers that funded much of the condo boom, are dropping as dramatically as construction cranes. Stewart quotes Daniel Loeb, founder of the Third Point hedge fund and owner of one of the largest penthouses at uber-condo Fifteen Central Park West (shown with his wife Margaret Munzer Loeb on the front of one of their elaborate Christmas cards): “There is no doubt that we are in the first innings of a washout in hedge funds.” Loeb’s funds finished in the red in 2015, according to Institutional Investor’s Alpha Magazine, which just published its annual list of top-performing hedgies. Among Gripepad’s favorites who made the list this year, 740 Park’s Israel “Izzy” Englander (who earned $1.15 billion) and Fifteen CPW’s Dan Och.

May 2nd, 2016

Horse manure spreads….

carriage-horseGripepad has refrained from schadenfreude in response to the legal clouds hanging over Bill DeBlasio and anti-carriage-horse group NYCLASS’ co-founder Steve Nislick, but today’s Daily Beast confirms and adds detail to a scoop first published here in 2009 in “It’s Parkingtown, Jake,” revealing that Nislick’s advocacy against the historic Central Park attractions is likely more about real estate than animal welfare. Gripepad first mentioned this brouhaha in 2008, and has followed it ever since. “Clap Your Hands Say Neigh” followed a New York Post scoop on a NYCLASS proposal to replace the horses with amusement park rides. Then, in “Let’s Talk Horse Sense,” a 2011 column in Crain’s New York, Gripepad revealed NYCLASS’ motivation. Nislick and his supporters immediately launched a vicious e-mail campaign against this reporter and his editors. Better that than a subpoena!

April 27th, 2016

Good Building? Great Price? Gutfreund asks $120 million!!

14731749-2_l“I think it’s the biggest apartment in New York,” says a real estate aficionado of some standing. “It was the apotheosis of the ’80s,” when Salomon Brothers head and one-time “King of Wall Street” John and Susan Gutfreund bought a duplex at 834 Fifth Avenue for the then-staggering sum of $7 million. Yesterday, in the wake her husband’s death in March, Mrs. Gutfreund listed the extravagant twenty-room, seven-bedroom apartment for an even more astonishing $120 million. That’s quite a leap from the $275,000 Carl J. Schmidlapp, a vice-president of of the Chase National Bank, paid in 1930 for what was then a twenty-four room home in the Rosario Candela-designed cooperative then under construction on the north corner of Fifth and Sixty-fourth Street. Schmidlapp had structural steel that had already been erected moved to make way for a grand staircase (pictured) connecting his two floors–and lived there until his death in 1960. His widow lived on in the apartment until 1967 and after her death, it was taken over by J. Watson and Josephine Blair, she a member of the esteemed Cutting family, and he a J.P. Morgan banker, who hired Jansen to decorate. Though the building was best known as the home of Rockefellers, it also contained the duplex once owned by Jessie Woolworth Donahue and later New York Jets owner Woody Johnson, that sold last year for $77.5 million to the Ukranian-born billionaire Len Blavatnik. Once famously spurned by the notoriously picky board at 740 Park Avenue, Blavatnik got his revenge when he scored not only an 834 duplex, but the record for highest price ever paid for a New York coop apartment. The Gutfreunds got their even bigger and better home in 1986 “after Susan was adopted as the protege of Jayne Wrightsman,” the city’s social empress, says the aficionado, and Wrightsman insisted the Gutfreunds move from River House to Fifth Avenue, took them to 834 and introduced them to decorator Henri Samuel, who re-did the decor, “the best there was,” the source continues, “really sophisticated. It stood for something.” What will it stand for now? That depends on who is willing to pay the price to claim ownership of one of, if not the, best residences in the city–and whether 834′s board will accept them.

April 19th, 2016

David Koch joins the homeless

What do you do when your upstairs neighbor drives you from your home? David Koch, the wealthiest resident of 740 Park Avenue, forced out of the building by water damage following a fire in the apartment above his, belonging to J. Ezra Merkin of Bernie Madoff fame, has checked into a hotel and is checking out new cribs in his costly ‘hood, according to Richard Johnson of the New York Post and PageSix.com. Johnson adds delectable new tid-bits to the story that’s been playing out here on Gripepad over the last few weeks.

April 12th, 2016

740 Park Rumor Mill Update

The latest rumor out of 740 in the wake of the devastating fire there last week has it that Bernie-Madoff-feeder Ezra Merkin‘s duplex apartment, where the blaze began in a sauna, was thoroughly destroyed and that controversial conservative billionaire David Koch might buy the charred shell and add it to his own apartment just below, creating a quadriplex that will rival the best and biggest residence in the building, private equity kingpin Steve Schwarzman‘s duplex-plus-servant’s-mezzanine, once the home of John D. Rockefeller Jr. Does this qualify as #richpeopleproblems?

April 10th, 2016

Temperatures rising over 740 Park fire

A source reveals that the source of the fire that raged at 740 Park Avenue last week was a sauna in the apartment of Bernie-Madoff-feeder fat cat Ezra Merkin. And that’s caused fresh worries for two more of his neighbors. Recent purchaser Howard Marks has installed a sauna in his ongoing renovation. And long-time resident Israel “Izzy” Englander is currently combining two apartments and planning to install his own personal hot box. “The concern is that the board will make Marks remove [his] and stop Englander,” says the insider. This comes atop the water and smoke damage done to Merkin’s neighbors David and Julia Koch, Andrew and Dana Stone, Vera Wang and Thomas Tisch and his wife, the former board president Alice Tisch.