"Compulsively readable." --Liesl Schillinger, The New York Times
"Jaw-dropping apartment porn." —Fortune
"[A] great read... gossipy... revealing," —People
"As rich as his subjects." --Forbes FYI
"The Lolita of shelter porn." —New York Observer
"Life after folly-filled life flashes forward like Park Avenue canopies viewed from a speeding town car." —New York Times
"The is social history at its finest." —Dominick Dunne
"Finally! A look inside the golden tabernacle of high society." —Kitty Kelley
...

Step Inside:

Photo of 740 Park For 75 years, it’s been one of the most lusted-after addresses in the world. Even today, it is steeped in purest luxury, the kind most of us can only imagine. Until now. The story of 740 Park Avenue sweeps across the twentieth century, and Michael Gross tells it in glorious, intimate and unprecedented detail. From the financial shenanigans that preceded the laying of the cornerstone, to the dazzlingly and sometimes decadently rich people who hid behind its walls, this is a sweeping social and economic epic, starring our wealthiest and most powerful old-money families-–Vanderbilt, Rockefeller, Bouvier, Chrysler, Houghton and Harkness-–and today’s new-monied elite: Bronfman, Perelman, Kravis, Steinberg, Koch and Schwarzman.

The Latest News From 740 Park

A Kinder, Gentler Clawback??

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The image of former Merrill Lynch boss (and 740 Park penthouse owner) John Thain’s wife asking for a plain paper bag when she went shopping at Hermès not long ago–and then being ridiculed for it–highlights the disconnect between the media’s “the sky is falling” reporting on the economy and the real big picture. The big picture is that people need to be encouraged to start spending again, albeit more carefully, not be shunned for it. So herewith a modest proposal. Since, Andrew Cuomo notwithstanding, odds are we’ll never be able to claw back big bonuses from the greedy, grasping former masters, now destroyers, of the universe as we knew it, how about we do the opposite and shame them into putting that money back into the economy. Not by buying yachts or Maseratis or Park Avenue penthouses, but by using the full force of societal persuasion to convince them that every single bonus dollar they received in, say, the last two years, needs to be spent–now–at retail, in America–in easy increments of $50,000 or less–and at full price, not 70% off. Spend for themselves, for their families, for their multitude of victims, on charities, on total strangers for all I care. But spend that money down. Right now. In return, the news media should promise to praise them, not ridicule them for it. Call it the Small Business Hearts Bankers Program. Even bankers’ wives. If that doesn’t work, we can still try tar and feathers.

Posted on February 27th, 2009 | Permalink

Cuomo vs. Thain

Dealbook reveals that NY AG Andrew Cuomo is not taking no for an answer from 740 Park penthouse owner John Thain.

Posted on February 23rd, 2009 | Permalink

There is such a thing as “Too Many Trophies”

And suddenly there is only one 740 Park apartment on the market—Serena Boardman of Sothebys’ listing of the apartment (4/5C) formerly occupied by the late Randolph and June Speight. Aging I-banker Peter Huang’s duplex next door (4/5D), which had been listed at $38 million (maintenance $10,574), is not (despite reports here and elsewhere) in contract. Rather, it’s off the market. So is the Courtney Sale Ross double duplex (12/13 C&D), which was never formally on the market, but was being not-so-quietly floated by the broker Edward Lee Cave. Reports had the Ross apartment unlisted at $60 million; actually the widow of the Time-Warner mogul Steve Ross was looking for $75 million, my sources say, but yanked it due to lack of interest. And Huang? He’s hanging, waiting to see what happens with the Speight place. “There are too many trophy apartments on the market now,” says a broker in the know. Now, you know, too. One more rich little bonus detail, unreported until now: The 740 flip tax is 3%—paid by the purchaser.

Posted on February 18th, 2009 | Permalink

I’ve Got a Little List

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In today’s New York magazine, Beth Landman looks at vacancies, real and imagined, at 740 Park Avenue. Lucky for those dying to live there, though the list one broker keeps of aging widows in the building is now down to one name, the owners of once-hot hedge funds and executives of on-the-dole banks are re-filling those soon-to-sell wishlists.

Posted on February 16th, 2009 | Permalink

What, Me Ponzi?

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In a post from last month that I just caught up with, the blog Zero Hedge hints that another Bernie-Madoff-style tempest may be brewing in the teapot that is 740 Park. “A notable figure in the HF [hedge fund] community, who shall remain nameless but who has been rumored to himself have certain dabblings in the world of beginning P and ending in onzi, can be located on over 20,000 sq. feet in another duplex, at twice the altitude that Ezra sniffs Park avenue’s rarefied air,” author Tyler Durden writes. Alas, there are eight HF notables in the building, so who knows who he means? But the cast of possible protagonists in this poisonous Ponzi prediction includes any number of 740 hedge hogs: apart from the aforementioned Ezra Merkin of the Ariel and Gabriel funds, there are co-op board president Charles (Mr. Alex Kuczynski) Stevenson of Navigator Group, David Ganek of Level Global, Andrew Stone of Petra Capital, Steven Mnuchin of Dune Capital, Israel Englander of Millenium, Thomas Strauss of Ramius, and 740’s favorite l’il 900-pound gorilla, Steve Schwarzman of the Blackstone Group. For once, John Thain, former head of the New York Stock Exchange and Merrill Lynch, can take a breather. Though a central figure in the current Wall Street meltdown, he’s one of the few financiers with a den at 740 who isn’t tied directly to a hedge fund.
UPDATE: Speaking of which, read this.

Posted on February 15th, 2009 | Permalink

Take a Swig

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Crain’s New York Business reports today on the Great Recession-related troubles of another 740 Park resident, Kent Swig.

Posted on February 9th, 2009 | Permalink

Skiing while the economy burned

Today’s New York Times Business section has a devastating account of the fall of Wall Street titan and 740 Park penthouse owner John Thain. It seems he was skiing in Vail in December as the rot at Merrill Lynch revealed itself. And after his forced resignation, he wandered the halls, muttering that all would be lost without him. A performance worthy of Nero himself. Vanity, thy name is Thain.

Posted on February 8th, 2009 | Permalink

Red Tag Day

The New York Observer’s Max Abelson reports a first—a price chop at 740 Park Avenue. The late June Speight’s apartment is now on offer for $26 million–$9 million off its original asking price. Run, don’t walk. to get in on this humungous bargain!

Posted on January 29th, 2009 | Permalink

Commissions, please

Attention all residents of 740 Park: According to Kelvin Browne in today’s National Post of Canada, while apartments in other east side buildings lose their value, yours “continue to command premium prices,” Peter Huang’s long-on-the-market duplex is now in contract and it’s all thanks to 740 Park, the book. So I hope that when John Thain, Ezra Merkin, et al think of selling their trophy homes, they will also think of sending a few crumbs of thanks my way. They won’t make up for my (relatively pitiful but still painful) stock market losses, but they may salve the wounds. UPDATE: Today’s New York Post has more on the causes and reprecussions of John Thain’s resignation from Bank of America

Posted on January 23rd, 2009 | Permalink

The rich get poorer

John Thain, the former head of Merrill Lynch, lost his new-ish job with Bank of America today, after it discovered large losses at the brokerage that it bought a few weeks back. Thain, who was running the New York Stock Exchange when he bought the smallest but most beautiful penthouse at 740 Park as a city pied-a-terre for $27.5 million in 2006, is the latest resident of the storied apartment house to find his good fortune tarnished in the Great Recession. This news comes just a day after it was revealed that a year ago, Thain had spent $1.22 million redecorating his Merrill office–including a $1,400 garbage can–more than the cost of most people’s primary homes, let alone their decor. Ain’t that a Thain? Will tomorrow’s news include his golden kiss-off payment? Stay tuned.

Posted on January 22nd, 2009 | Permalink

740 Park News Archives

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