Ex-Soros exec, Trump donor Scott Bessent pays $19M for 720 Park co-op

Hedge-funder behind Key Square Group gave $1M to Trump's inauguration committee

TRD New York /
Jun.June 09, 2017 02:00 PM

Former Soros Fund Management executive Scott Bessent bought a co-op at The Storied 720 Park Avenue for $19.3 million, documents filed with the city Friday show.

The 14-room, nearly 7,000-square-foot duplex, which is heavy on frou-frou French detailing, went on the market last year with a listing price of $22.5 million. The seller was Mark Magowan, president of book publisher Vendome Press.

Stribling & Associates brokers Kirk Henckels and Jennifer Callahan had the listing.

The building is home to some of New York’s wealthiest residents, such as ousted AllianceBernstein CEO Peter Kraus, who paid $37 million for an apartment there in 2008.

When reached by phone, an assistant at Bessent’s Manhattan office said the company does not comment to the press.

Bessent, once known as the protégé of George Soros, managed foreign investments for Soros Asset Management during the 1990s, and first left Soros in 2000 to start his own company. He returned to Soros’s company in 2011 to serve as chief investment officer, only to leave again in 2015 to start Key Square Group, a hedge fund, with $2 billion from Soros. Key Square currently leases office space at Vornado Realty Trust and Oxford Properties Group’s TRData LogoTINY 650 Madison Avenue.

Like Soros, Bessent is a well-established political donor, and gave $1 million to President Trump’s inaugural committee following the November election. He previously gave more than $200,000 to a SuperPAC supporting Ohio Gov. John Kasich.

In 2007, Bessent bought an $11 million co-op at 1 Sutton Place South that had belonged to John F. Kennedy’s sister, Pat Kennedy Lawford. In 2014, he sold a mansion in Miami Beach for $14.5 million.


Related Articles

arrow_forward_ios
(iStock)

Manhattan co-op sales prices saw 11% drop in Q2

Manhattan co-op sales prices saw 11% drop in Q2
(iStock)

Manhattan vacancy hits new peak; Brooklyn stable

Manhattan vacancy hits new peak; Brooklyn stable
200 Water Street and 31 Prospect Park West (Google Maps)

Brooklyn’s luxury deal totals rise for 3rd straight week

Brooklyn’s luxury deal totals rise for 3rd straight week
Metro areas with less affordable housing drive high-income buyers to eye homes in lower-income neighborhoods at disproportionate rates (iStock)

TRD Insights: Gentrification happening fastest in least affordable cities

TRD Insights: Gentrification happening fastest in least affordable cities
Gov. Andrew Cuomo has given the go-ahead to reopen schools for in-person learning statewide (Getty; iStock)

School’s back on. Will the NYC resi market follow suit?

School’s back on. Will the NYC resi market follow suit?
New York’s real estate market is becoming two different stories: Manhattan, where deals are falling — and the suburbs, where demand is spiking. (iStock, Unsplash)

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
(Images courtesy of Victor Group)

The Getty condo chops prices up to 53%

The Getty condo chops prices up to 53%
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...