Howard Marks’ Ritz-Carlton pad now $15M cheaper than it was last year

Investment mogul's latest price cut shaves $4M off ask

TRD New York /
Jul.July 14, 2016 03:05 PM

Howard Marks is used to making a lot of money, but he may have to accept a much lower price than he originally hoped for his at his glitzy-Ritz Carlton pad.

The founder of Oaktree Capital Management and one of the 400 wealthiest Americans, according to Forbes, has slashed an additional $4 million off the price of the 33rd floor aerie at 50 Central Park South. That brings the ask to just $35 million, a far cry from the $50 million the apartment was asking last year. 

Marks has attempted to sell the 4,536-square-foot property a few times since 2012, when he bought a duplex at 740 Park Avenue for $52.5 million, but with little success. He and his wife Nancy bought it in 2007 for $18.88 million, according to city records.

Listing broker Roberta Golubock of Sotheby’s International Realty TRData LogoTINY was not immediately available for comment.

The struggle to sell the apartment is just the latest of  Marks’ real estate woes. The financier was recently hit by a lawsuit from Hamburg Tang, the 85-year-old semiconductor titan and his neighbor at 740 Park, who accused him of causing too much noise with renovations. The Marks’ planned to move from the Ritz once renovations were complete. 

The two-bedroom, four-bathroom Ritz spread was designed by Michael Smith — who has also been responsible for the interior design at the White House since 2008 — and has a library, dining room and breakfast room. The library design was “inspired” by fashion icon Coco Chanel’s apartment in Paris, according to the listing.

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