The Real Deal New York

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
By Will Parker | June 09, 2017 02:00PM

The apartment at 720 Park Avenue and Scott Bessent (credit: Getty Images)

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.