Last week, William D. Cohan interviewed me on covering the world of wealth in New York at a 92Y Talk. Here’s the podcast.
"[Tom] Wolfe's gift was in summing up an era through his description of [Sherman] McCoy and his environs. Michael Gross has done likewise by taking us inside the most expensive, most powerful address in the world....Stunning."Michael Smerconish, CNN
"Michael Gross, an author with a delicate appreciation for bloated egos and wealth, makes them glitter in 'House of Outrageous Fortune: Fifteen Central Park West, the World's Most Powerful Address.' The intersecting strands of money, politics, greed, taste, ambition shine brightly."Manuela Hoelterhoff, Bloomberg News
“Michael Gross’s new book…packs [in] almost as many stories as there are apartments in the building (202). The Jackie Collins of real estate likes to map expressions of power, money and ego…even more crammed with billionaires and their exploits than 740 Park.”Penelope Green, New York Times
"Michael Gross, America’s answer to Robin Leach, takes another gossip-laden bite out of the upper crust in his dishy House of Outrageous Fortune: Fifteen Central Park West, the World’s Most Powerful Address. What’s remarkable is the degree of access Mr. Gross was granted or finagled, a reflection that ego has no bounds.”Sam Roberts, New York Times
"If anyone needs convincing that the richest of the rich have continued to get richer, unaffected by the financial crash of 2008 and the subsequently misfiring economy, here is the proof...Still [Gross] demonstrates conclusively the abiding truth of Clare Booth Luce's observation, 'Money can't buy happiness, but it can make you awfully comfortable while you're being miserable.'"The Economist
“Michael Gross…rules[s] the school of literature you might call Books About Buildings Where Lots of Rich People Live.”Paul Goldberger, Vanity Fair
"All the glittery details [on] the Downtown Abbey of Manhattan."Vanessa Golembewski, Refinery29
"A deliciously detailed and completely engaging look at how the 0.1 percent live."Booklist (starred review)
"Michael Gross...has made the privacy-mad 1% of New York crazy because he investigates and tells their many secrets. This is called a scandal in some sections; journalistic excellence in others. Outrageous...fun."Liz Smith, The Huffington Post
"A steamy tell-all."--Radar Online
"A lot of fun, and definitely worth a read."Curbed New York
"Gross takes a building, Fifteen Central Park West, and uses it to describe the face-off between exclusive co-ops and democratic condos, and between the old families of the Upper East Side and upstarts moving into the Upper West Side....“Well-told…full of both contempt and admiration…overindulgence…irony..."Publishers Weekly
"House of Outrageous Fortune pulls back the limestone curtain of 15 Central Park West to reveal seismic shifts in New York society and the astonishing lifestyle-without-limits of the new global elite. It's a dishy — but not trashy — page-turner." Barbara Corcoran, founder of the Corcoran Group and star of ABC's Shark Tank
"Michael Gross has done it again! In intricate and revelatory detail, he shows how Fifteen Central Park West became the most famous and talked-about building in Manhattan: It's the people who live there, of course, and Gross gives us a front-row seat on their passions, their antics and why they want the very best money can buy." William D. Cohan, author of Money and Power: How Goldman Sachs Came to Rule the World
"Both an incisive social commentary on our modern Gilded Age and an irresistible peek behind the walls of 15 Central Park West, otherwise known as "Limestone Jesus." With characteristic audacity and wit, Michael Gross has deftly chronicled the immense egos (and bank accounts) of the nouveau riche who reside at Manhattan's most coveted address." Karen Abbott, author of Sin in the Second City and American Rose
"Want to understand what Occupy Wall Street was about? In House of Outrageous Fortune, Michael Gross explains it--and then some. With a rollicking, informative history of New York City, tales of mega real estate fortunes made and lost, and dizzying examples of the super-wealthy's greed and ostentation, Gross deftly traces the arc of America both socially and financially and proves that the top two percent most certainly do not live like you or I." Dana Thomas author of Deluxe: How Luxury Lost Its Luster
"Michael Gross captures the phenomenon that is 15 Central Park West, where creative talent, towering ambition and unimaginable wealth instill a magical aura of glamour and romance not seen in a Gotham apartment house since the Gatsby era." Peter Pennoyer, Architect, author and chairman of The Institute of Classical Architecture & Art
In real-estate-obsessed New York, no new building has captured the city’s imagination—or as many of its richest residents—like Fifteen Central Park West.
In House of Outrageous Fortune, America’s foremost chronicler of the upper-crust, journalist and bestselling author Michael Gross, turns his much-admired gimlet eye on the new-money wonderland that’s sprung up on the southwest rim of Central Park, and mixes an engrossing business epic with hilarious social comedy to create a dishy exposé of today’s most wealthy and famous. This is the colorful story of a record-setting building’s inspired genesis and costly construction as well as the flashy international lifestyle it has brought to a once benighted and socially déclassé Manhattan neighborhood.
With two concierge-staffed lobbies, a walnut-lined library, a lavish screening room, a private sixty-seat restaurant offering residents room service, a health club complete with a seventy-foot swimming pool, and penthouses that cost almost $100 million, Fifteen is the most outrageously successful, insanely expensive, titanically tycoon-stuffed real estate development of the 21st century. And you know any building that’s home to such unimaginable wealth and heavyweight egos—its cast of characters includes Denzel Washington, Sting, Alex Rodriquez, Norman Lear, NASCAR’s Jeff Gordon, hedge fund heads Daniel Loeb and Daniel Och, Russian and Chinese oligarchs, and top executives of Citibank, JPMorganChase, Lehman Brothers, AIG, Disney, Google, and Yahoo!, among many more–will be chock-full of jaw-dropping excess. Not to mention astonishing stories.
Gross won unprecedented access to the people behind this instantly legendary building, including the scions of the fabled Zeckendorf real estate dynasty, their financial backers, Goldman Sachs and Israeli billionaire Eyal Ofer, and their starchitect Robert A.M. Stern. Then, he drilled into its limestone façade to ferret out the stories Fifteen’s fathers and its residents don’t want told. [Starting with a wide-angle look at how Manhattan developed as two cities--east side and west side, one patrician, the other more ethnic and less wealthy--the book reveals the larger story of how the wall between the two broke down, turning New York into a magnet for the emerging Global Super-elite that runs our world.]
The aging financial lions of the mid-20th century have given way to a brash new pride that feasts on the 21st-century economy and then beds down at 15CPW. More than just an apartment building, it represents a massive paradigm shift in the lifestyle of New York’s rich and famous—and is a bellwether of the city’s changing social and financial landscape. With unmatched access, prodigious enterprise and dazzling detail, House of Outrageous Fortune is a sweeping history of those changes, and pulls open wide the gilded walls of Fifteen to reveal the private lives of that .01%.
Last week, William D. Cohan interviewed me on covering the world of wealth in New York at a 92Y Talk. Here’s the podcast.
“One of our most provocative journalists, Michael Gross has cornered the market for insiders’ stories of the most bewitching and private worlds of the privileged, very rich, talented and beautiful,” says the 92nd Street Y, announcing my forthcoming appearance there on the night of June 12th, when I’ll engage in conversation with William D. Cohan, the former M&A investment banker for Lazard Frères and bestselling author of books about Wall Street. Speaking of insider stories, on Friday, Bloomberg “revealed” details of financier and Trump administration advisor Stephen Schwarzman‘s 70th birthday party in Palm Beach this weekend. But readers of AVENUE magazine, where I’m editor-in-chief, had that news first, more than three weeks ago. And here’s Cohan on Trump and Wall Street–a must read from today’s New York Times.
Real Estate Weekly reports that the highest price per square foot achieved in New York last year was nearly $10,000 paid for a sky high apartment at Fifteen Central Park West. That’s more money (by a significant measure) than any of the wannabes on the Billionaire’s Belt attracted. Toldja so.
Read my latest story on Donald J. Trump on The Daily Beast. “I’m sorry, Ivanka, I really am, but here’s the sad truth: Your dad’s not a dog. He’s a pig.”
The House of Outrageous Fortune, Fifteen Central Park West, has once again climbed to the top of the New York apartment house heap according to a semiannual report from City Realty with average resales of over $6,000 per square foot, $1,000 more than newer, taller competing properties like One57 and 432 Park–and that despite a 4.7 percent decline in its performance. Fifteen’s staying power is all the more remarkable given the fact that many of the other buildings in the top ten are newer properties. Indicating, perhaps, that the smart money knows newer and taller isn’t necessarily better. Limestone Jesus rules.
“This is the best book on the real world of top photographers in the fashion industry ever,” says designer Barry Kieselstein-Cord. “Having hired and worked with many of them covered in Michael’s book I can tell you the back stories are mind blowing. Anyone remotely connected to fashion should read his book!”
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.
What a shame the Wall Street Journal is hidden behind a firewall, so Extell developer Gary Barnett‘s belated acknowledgment yesterday of the collapse of Manhattan’s high-end condo market mostly passed unnoticed. Let’s rectify that. As noted here long ago, while big building boosters were still singing its praises, sales stalled at Barnett’s ugly One57 tower (referred to in these parts as the Blue Penis). More than a fifth of the building’s apartments have failed to sell and Extell has marked down its potential sellout value by $162 million–enough to buy a record setting condo, one might add. “There’s a lot of stuff that is chasing what happened three years ago or four years ago when there was a boom,” Barnett told the WSJ. “They’re late to the party and the party is ending.” The party, one should note, began with the record-setting 15 Central Park West, the first and most successful of the Billionaire’s Belt condominiums. WSJ goes on to mention a number of other developments “in the blocks around One57″ that might be negatively affected by what Barnett terms a “temporary imbalance” in the Manhattan real estate market (i.e. too many high end condos and not enough stupid-money buyers), but not Extell’s so-called Nordstrom tower, just a hop, skip and jump west on Fifty-seventh Street. Perhaps they are rewarding Barnett for his burst of candor. “The good news is,” he concludes, “we’re not going to see many more projects that are going to be built.”
Today’s Irish Times delves into the leak of “more than 11 million documents, dating from 1977 to December 2015, [that] show the inner workings of Mossack Fonseca, a global law firm based in Panama that helps customers create offshore shelters.” One of those customers is Dmitry Rybolovlev, purchaser (through an LLC, as first revealed in House of Outrageous Fortune) of the once record-setting $88 million penthouse at Fifteen Central Park West (see floor plan). Rybolovlev’s story “illustrates the lengths that spouses, their lawyers and professional trackers must go in search of wealth stashed offshore in complex networks of companies and trusts,” the paper says.
The Federal Reserve Bank says the market for high end real estate in the nation’s hottest market “has been particularly sluggish, reflecting excess supply” since the beginning of the year. You read it here first. Business insider reports the finding and uses Arthur and Will Lie Zeckendorf‘s 15 Central Park West as a symbol of the high water mark, and its slower-selling sibling 50 United Nations Plaza as a marker for today. Sounds like the stunning 50 UN might be a place to park smart money with nearly two-thirds of the apartments sold at discounts as high as sixteen percent.