Oaktree Founder Pays $52.5 Million For Manhattan Co-Op, A Record

May 15 2012 | 12:16pm ET

A co-founder of Los Angeles-based Oaktree Capital Management has paid a record amount for a Manhattan apartment.

Howard Marks and his wife, Nancy, made the 30-room duplex in one of New York's most exclusive buildings the most expensive in the city's history. The couple paid $52.5 million for the eight bedroom, 10 bathroom spread in 740 Park Avenue.

The purchase makes the Marks neighbors of Blackstone Group CEO Stephen Schwarzman and Bernard Madoff feeder fund manager J. Ezra Merkin. Others who call the building, which features the highest ceilings and widest hallways on Park Avenue, and which was the subject of a 2005 book, home include conservative billionaire David Koch, former Merrill Lynch CEO John Thain, McAndrews and Forbes chief Ronald Perelman and fashion designer Vera Wang. Former residents include Jacqueline Kennedy Onassis, who grew up in the building, John D. Rockefeller, Jr., and Kohlberg Kravis Roberts founder Henry Kravis.

The purchase means the Marks made it past one of the toughest co-op boards in New York, one that has in the past rejected the likes of Trian Partners' Nelson Peltz.

The former owner of the home, which includes two libraries, two dining rooms and six terraces, is Courtney Sale Ross, the widow of former Time Warner CEO Steven Ross. The previous record for a New York co-op was $48.8 million, set four years ago.

On top of the $52.5 million they paid for one of the 31 units in the building, the Marks are now on the hook for $412,000 a year in maintenance charges.


In Depth

Q&A: Neil Azous Talks Global Macro Investing

Nov 24 2014 | 12:41pm ET

Neil Azous is the founder and managing member of Rareview Macro, an advisory firm...

Lifestyle

Griffin Selling Chicago Apartment

Nov 26 2014 | 11:40am ET

Citadel Investment Group’s Kenneth Griffin is making clear to his estranged wife...

Guest Contributor

Why The Big Money Is Going To Europe

Nov 14 2014 | 6:03am ET

Peer-to-peer lending was invented with the individual investor in mind. But despite...

 

FINalternatives Trending

Sponsored Content

    For Hedge Funds, Mastering Data Is Key To Success

    Nov 4 2014 | 9:45am ET

    Data management is important to every business, but for hedge funds, it is critical. FINalternatives recently asked Peter Sanchez, CEO of Northern Trust Hedge Fund Services, how fund managers can deal with the demands of managing data while at the same time remain transparent and abide by operational best practices. Read more…

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

November 2014 Cover

Building a better market

Reg NMS created a huge bifurcation in equity markets and while much of what has followed has been positive, in terms of lower fees and greater liquidity, many traders would like to see the market come...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.