The luxury real estate industry loves new records as that’s what keeps it going. Manhattan, one of the most exclusive areas of New York always obliges as it boasts of homes and apartments that fetch record prices. The most recent example is of an apartment in a building located on 740 Park Avenue that was bought by Oaktree Capital founder Howard Marks for a record-smashing $52.5 million. It is one of the most exclusive buildings in the city with the list of former and current residents reading like a who’s who of New York. Marks and his wife, Nancy who currently live in Los Angeles will move into the sprawling Manhattan apartment that is spread over two floors.
The apartment boasts of 30 rooms, including two libraries, eight bedrooms, 10 bathrooms, six terraces and a dining room plus a special room with stunning city views for breakfast. This is no ordinary building or apartment as the maintenance alone is a mind boggling $412,000 per year. And it is not enough for you to have the money as a new buyer into the building must have the approval of the board of the co-op which is supposed to be one of the toughest in New York City. In the past they have rejected big and powerful names like Barbara Streisand, Barbara Walters the billionaire investor Nelson Peltz and the late actress Joan Crawford.
The apartment belonged to Courtney Sale Ross, the widow of the former CEO of Time Warner, Steven Ross. Henry Kravis and Jacqueline Kennedy Onassis have lived in the building. Some of the prominent current residents include Blackstone Co-Founder Stephen Schwarzman, Koch Industries Executive Vice President David Koch and Estee Lauder Chairman Ronald Lauder. Brown Harris Stevens managing director Kathy Sloane handled the listing of the apartment that occupies the 12th and the 13th floor of the building. The foyer of the apartment leads to an office and an informal dining room. The apartment boasts of nine fireplaces. The previous record for a co-op sale was $48.8 million which was created in 2008. We will have to wait and watch as to how long the new record survives.