The Real Deal New York

Posts Tagged ‘740 park avenue’

  • Tracking NYC’s co-op sales records

    October 22, 2014 08:00AM
    From left: Leonard Blavatnik, buyer of a $80 million co-op; Nassef Sawiris, buyer of a $70 million co-op and the penthouse at 960 Fifth Avenue

    From left: Leonard Blavatnik, Nassef Sawiris and the $70 million penthouse at 960 Fifth Avenue

    Prices at the top of New York City’s co-op market are catching up to the stratospheric levels seen at some of the city’s swankiest new condo buildings, with record prices rising nearly 50 percent since 2012. [more]

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  • From left: 740 Park Avenue and Israel Englander

    From left: 740 Park Avenue and Israel Englander

    The official residence of the French ambassador to the United Nations sold for $70 million — well over the Park Avenue co-op’s initial ask of $48 million when it hit the market in April. [more]

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  • From left: Eiffel Tower, 740 Park Avenue, 1143 Fifth Avenue and the successor countries to the former Yugoslavia

    From left: Eiffel Tower, 740 Park Avenue, 1143 Fifth Avenue and the successor countries to the former Yugoslavia

    A number of the city’s toniest co-op buildings that long welcomed the diplomatic elites of foreign nations are now shifting gears, as hosting a foreign ambassador increasingly loses its cachet and instead becomes a headache. [more]

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  • From left: Kent Swig and 740 Park Avenue

    From left: Kent Swig and 740 Park Avenue

    UPDATED, 12:53 p.m., January 7: Developer Kent Swig’s ex-wife Elizabeth has listed the co-op the couple once shared at the ultra-exclusive 740 Park Avenue for $32.5 million. [more]

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  • Left, 740 Park Ave., a security camera in a New York residence

    From left: 740 Park Avenue, a security camera in a New York City residence

    More and more New York City apartment buildings are being equipped with surveillance cameras these days. [more]

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  • Vera Wang and the One Madison Park triplex penthouse

    Vera Wang and the One Madison Park triplex penthouse

    Business must be booming for Vera Wang. The fashion mogul recently toured the $50 million triplex penthouse at Related Companies’ and HFZ Capital Group’s One Madison Park. [more]

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  • 740-park-duplex

    Duplex at 740 Park Avenue

    UPDATED, Sept. 30, 5:58 p.m.: A duplex at the uber-luxe co-op at 740 Park Avenue owned by investment banker and financier Peter Huang has hit the market for $29.5 million. [more]

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  • 10 must-read books on NYC real estate

    September 20, 2013 02:07PM

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    From how-to guides to memoirs, financial crisis exposés to histories of the Manhattan skyline, the world of real estate literature has a lot to offer. Some of the industry’s biggest names — Barbara Corcoran, Donald Trump — have penned their own guides on success. Likewise, journalists have taken inspiration from Gotham’s best-known buildings — 740 Park Avenue, Stuyvesant Town-Peter Cooper Village — to tell some of the most enthralling stories around. Read on for The Real Deal’s roundup of 10 must-read New York City real estate books.

    [more]

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  • 740-park-ave

    740 Park Avenue

    The co-op board at 740 Park Avenue is “sabotaging” the police investigation of a spate of burglaries that resulted in the loss of $250,000 in jewelry, the New York Post reported, citing an unnamed source.

    Board members have conducted their own probe and hired private investigators. They also fired employees they suspect of having a role in the thefts earlier this month. A law enforcement official told the Post it is “irritating” and making the case more difficult to solve. A spokesperson for the building’s manager, Brown Harris Stevens, did not respond to the Post’s request for comment. [more]

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  • jonathan-gray-blackstone

    Blackstone’s Jonathan Gray

    A property wager at Blackstone Group has pushed a fourth executive — the head of the real estate group, incidentally — past the billionaire mark, Bloomberg News reported.

    Jonathan Gray, real estate division head at the biggest private-equity manager in the world, is now personally a billionaire, a year after being appointed to the board of directors. Gray, a philanthropist, is in charge of investment for a $13.3 billion real estate fund, the largest opportunistic property fund ever raised, Bloomberg said. [more]

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  • Jewel thieves target 740 Park

    August 15, 2013 10:00AM
    740 Park Avenue

    740 Park Avenue

    Updated, 12:49 p.m., Aug. 15: Jewel thieves in the city have found a favorite stomping ground — the ultra-exclusive co-op 740 Park Avenue, home to some of the world’s most powerful and influential people, the New York Post reported. [more]

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  • macklowe-swig

    From left: Harry Macklowe and Kent Swig

    Chalk one up for the former in-laws, developer Harry Macklowe and his wife, Linda.

    The Macklowes are going to be getting back the $200,000 that fellow mega-developer Kent Swig borrowed from them in 2009, when he was still married to their daughter, Elizabeth. The settlement in the messy, yearlong legal battle came yesterday in Manhattan Supreme Court, the New York Post reported. [more]

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  • Kent Swig and 740 Park Avenue

    The estranged wife of real estate developer Kent Swig is accusing him of “wanton dishonesty” and suing him for punitive damages in their divorce case, alleging that his financial travails put her $26 million 740 Park Avenue digs at risk, the New York Daily News reported.

    Elizabeth Swig – who is the daughter of real estate mogul Harry Macklowe — said her husband convinced her that they should take out a $12.5 million loan on the apartment that would be used to pay off an earlier $5 million loan and give them liquidity to “tide them over through the bad market,” according to Manhattan Supreme Court papers seen by the Daily News.  [more]

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  • 15 Central Park West, PH20

    Manhattan’s once-fabled co-op addresses no longer command the biggest sales prices in the city, and have been upended by newer destination condominium addresses, real estate author Michael Gross writes in the Daily Beast. Co-ops, which often require the buyer to go through a rigorous board approval process, are losing ground to condo buildings that offer an unmatched range of amenities, such as concierges, in-house restaurants, room service and swimming pools. Beginning in 2003, with the Mexican financier David Martinez’s $54.7 million purchase of a penthouse at the Time Warner Center, condos have held the record for highest sale prices. And condos command a higher price per square foot than comparatively-sized co-ops. … [more]

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  • alternate<br /></a>text
    Video screenshot
    It’s not a tale of two cities, but a tale of two Park Avenues. PBS on Nov. 12 will roll out a documentary, entitled “Park Avenue: Money, Power & the American Dream,” contrasting Park Avenue on the Upper East Side — home to some of the city’s most exclusive co-ops — and the nearby Park Avenue in the South Bronx, which is located in the nation’s poorest congressional district (see trailer after the jump).

    Directed by Alex Gibney, the documentary was inspired by Michael Gross’ 2005 book called “740 Park: The Story of the World’s Richest Apartment Building.” The building has the largest number of billionaires in the United States, according to the film. … [more]

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  • The exterior of 740 Park and shots of the unit

    Jonathan Sobel, an investor and former partner at Goldman Sachs, has purchased a home inside the exclusive white-glove co-op at 740 Park Avenue. The combined unit, #4/5C sold for $19.25 million, though the New York Times, which first reported the sale, said it traded for a higher price. [more]

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  • Kent Swig and 740 Park Avenue

    First Kent Swig was dealt with financial difficulties at his developments, then with a divorce and a suit from father-in-law Harry Macklowe, and now it appears he’s getting hammered by his home loan, too. Citing Michael Gross, the author of a book about 740 Park Avenue, Curbed reported that Bank of America is suing Swig, his wife Elizabeth (Macklowe’s daughter) and the co-op at the address to recoup payments on loans tied to his duplex apartment with principals of $4.8 million and $12.8 million that have not been paid since 2009. [more]

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  • From left: Howard Marks, Kathy Sloane and 740 Park Avenue (credit: PropertyShark)

    Howard Marks, the chairman and co-founder of global investment management firm Oaktree Capital Management, was the buyer behind the record-setting sale of the Courtney Sale Ross duplex co-op at 740 Park Avenue, according to the New York Observer. As previously reported, the $52.5 million sale marks a record for the most expensive co-op sale. [more]

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  • From left: Kent Swig, Elizabeth Swig and Harry Macklowe

    Embattled real estate tycoon Kent Swig has replied to a suit from Harry Macklowe, for allegedly staging a “vendetta” to ruin him financially, the New York Post reported. The reply was filed in Manhattan Supreme Court. Macklowe filed suit in March to attempt to collect on a $200,000 loan he allegedly provided to his daughter’s husband, who has developed $3 billion worth of properties. [more]

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  • Sotheby's International Realty's Meredyth Smith (top), Serena Boardman (bottom) and 730 Park Avenue

    Recent sales indicate that classic pre-war co-ops are regaining their footing in the Manhattan sales market. The Wall Street Journal reported that four co-op sales worth $30 million or more have already closed or are in contract this year, compared to four total in the three previous years combined. The combination of the financial downturn and the lure of pricey new apartments in sleek glass towers had iced co-op sales, but as a recovery lingers on the horizon and new condominium construction does not, attention has returned to that sector. [more]

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