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

Electronifie: Better Bond Trading

May 11 2016 | 3:03pm ET

Technology has revolutionized countless aspects of investing and trading, but the...

Lifestyle

From Modern Trader: Stephen Curry is a Black Swan

May 18 2016 | 7:43pm ET

What do the rise of the Internet, the sinking of the Titanic, 9/11, and Stephen...

Guest Contributor

LendingClub and the Question of Internal Hedge Funds

May 19 2016 | 8:42pm ET

Peer-to-peer lending platform LendingClub Corp. has been in the news since the firm...