Latest posts by Gea Elika (see all)
- Buying Property in NYC as a Foreigner - July 14, 2018
- Fiduciary Duties by Your Condo or Co-op Board - July 9, 2018
- Top Questions for Buyers to Ask When Viewing an Apartment - July 7, 2018
Although Manhattan boasts a sizable array of luxury real estate, it seems that the rich and famous tend to flock together. The 740 Park Avenue co-op building is not only amongst the top luxury buildings in the city, it is also very popular with celebrities as well as the wealthy elite. Such recognizable names as David Koch, Vera Wang, Howard Marks, John Thain, and Jonathan Sobel call 740 Park Avenue home, with new names rumored to be moving in. Here’s a look at what 740 Park Avenue offers to exclusive buyers.
Although the building dates back to 1929, 740 Park Avenue has remained a legendary address thanks to the notables of past and present that call it home. Jacqueline Kennedy Onassis’ grandfather built 740 Park Avenue and the fashionable first lady lived in it for a time as a child. In fact, 740 Park Avenue continues to command some of the highest prices in New York City real estate. 740 Park Avenue has enjoyed such a rich history that it has become the subject of both a book and a blog by Michael Gross, which was even turned into a documentary film. These are just a few of the many interesting facts he has culled during his research.
Another hallmark of 740 Park Avenue is that it was built by architect Rosario Candela, famous for having built some of the most luxurious pre-war buildings in New York. Candela is often credited for designing the city’s first setbacks and signature penthouses and his designs have only become more coveted over the years, especially 740 Park Avenue. Most of his most famous designs were constructed in the mid to late 1920s before the Market crashed.
The building first opened to inhabitants in 1930, during the depression and so did not fully realize its potential until the 1980s. Since then, prices have continued to soar and only applicants with a liquid net worth of $100 million are considered for residency. That said, there are other factors that are taken into consideration as well, as the notoriously fussy co-op board has actually rejected such luminaries as Barbara Streisand, Neil Sedaka and billionaire Leo Blavatnick.
In addition to high asking prices, some of which have been listed at $60 million, buyers must consider other costs as well, like the average $10,000 a month maintenance fee. Or the cost of repairing the historic building’s stunning façade. Gross reports that all the way back in 1990, residents paid around $250,000 each to make repairs on the façade.
One of the building’s most prominent purchases was by Blackstone billionaire Steve Shchwarzman in 2000 for around $30 million. He purchased what is considered to be the building’s best triplex, which just happens to also be the former residence of John D. Rockefeller. Currently, the fourth floor D-line apartment by investment banking’s Peter Huang is up for sale. And recently Courtney Sale Ross, widow of Time Warner CEO Steve Ross, sold an apartment in the building for $60 million, after moving to another duplex in the building.
So what do the residents get for anywhere from $23 million to $60 million investment? Along with an exclusive address, soaring spaces and terrific views, 740 Park Avenue affords residents terrific privacy and stunning architectural details based on classic and