Inside the Most Exclusive Co-Op in the City
KATE WOLLMAN-MAHAN
Dear friends,
A large part of my job is helping buyers and sellers navigate the confusing, and often intimidating, world of NYC co-ops. Yet even for the most high-net-worth clients, there are a few co-ops that feel out of reach. This newsletter is meant to shed some light on one of these ultra-exclusive buildings, in case you have always wondered—or even considered—what it might be like to live there. With Ken Griffin’s recent purchase of a duplex for $38M, bringing his total investment in the building to over $83M, 740 Park Avenue is once again in the spotlight. This number rivals the penthouse pricing at many new developments. Yet, unlike in these new buildings, only a select few among even the world’s wealthiest would be able to purchase at 740 Park.
740 Park has been called the “towers of power” and the most exclusive co-op building in the city. Residents have included some of the most famous families in the city, including John D. Rockefeller, financier Saul Steinberg, and Blackstone founder Steve Schwarzman, the Lauder family, and the Koch family. Even more famous have been those turned down by the board – including the very, very wealthy. The building rules have protocols for chauffeurs, delivery of expensive jewelry and furs, proper attire in the lobby, and requirements when entertaining over 60 guests in your apartment. Financing is not permitted.
To shed some light on what it’s really like to call a building like 740 Park home, I spoke with my good friend Judy, who grew up in the storied building.
K: Your apartment was like a gilded age mansion on the 8-9th floor of Park Avenue. The room sizes are unlike any other NYC building. The living room alone is bigger than many NYC one bedroom apartments! The lower floor is designed for grand entertaining and the upper floor for living. Did your family entertain?
J: Yes, my parents would entertain and host large parties such as my engagement party. We actually never used the living room except for parties. We only used the dining room for holidays - it is large enough to fit several tables for a big dinner party. Mostly we spent time in the den, which is where we watched TV.
K: The apartment was also designed for servants. It had 4 maid’s rooms and a back stair which originally was for servants only, going from the maids’ rooms to the kitchen.
J: Yes, we had two staircases but we rarely used the formal front stair. We did have an au pair who slept in one of the maid’s rooms. The others we used for storage. We never needed to put suitcases or bikes downstairs because we had so much storage. We did use the kitchen and eat in the breakfast room, since we actually had limited staff.
K: What might someone be surprised to learn about the building?
J: 740 Park has roaches, just like in any other older NYC building! My husband used to joke that even the roaches are bigger at 740 Park. And just like in other NYC buildings, some of the rooms have no view and face a brick wall.
K: Who were your neighbors?
J: Mostly business executives who ran household name companies, or diplomats. The heads of two major cosmetics companies both lived in the building – their companies were rivals but they seemed to get along. There was only one other family with kids, despite how large the apartments are.
K:The building is very white-glove and formal. Were the neighbors friendly?
J: They were, in their own way. Here is a story my friends have always enjoyed. When I was a kid, we would go trick or treating in the building on Halloween. But instead of giving out candy, one of my neighbors gave away little toys filled with $20 bills.
K: The coop board is notoriously tough. When you sold your childhood home, was it difficult for the buyer to get board approval?
J: Actually – not really. The building is like a club. The board knew the buyer’s family. They liked the family, knew their financial strength, and were pleased to have them in the building!
K: For a buyer who could afford any apartment in NYC, what makes 740 Park so special?
J: Besides the prestige that it conveys, I think the building is designed for a certain lifestyle and type of entertaining that is hard to replicate elsewhere. This is what appealed to my parents.
MARKET SNAPSHOT - The Ultra Luxury Tier
Sales over $50M in Manhattan
Past 1 year
Condos: 10
Townhomes: 2
Co-ops: None
Notable Condo Sales in Contract
1122 Madison, Penthouse: $89,500,000
140 Jane Street, Penthouse 8: $87,500,000
175 Fifth Avenue (Flatiron Building) 21st Fl: $58,500,000
Highest Price Coop Sale of the past Year (second to 740 Park)
825 Fifth Avenue, 15th Fl: $33,625,000
Investors continue to view NYC as a trusted destination for preserving and growing wealth. Whether it’s a pied-a-terre, a starter apartment, or an ultra-luxury investment property, the market is active. If you’d like to discuss your strategy, please reach out - I always enjoy hearing from you.
