Thursday, 31 July 2014
Last updated 17 hours ago
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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…