On a quiet, tree-lined block on the Upper East Side, 740 Park Avenue rises up: a legendary address, at one time considered (and, perhaps, still) the most important residential building in New York City.
The Art Deco co-op has been home to many of New York's most notable figures since it opened its doors in the 1930s. Today, it's still filled with the city's wealthiest residents — and prices just keep going up. The average listing price per square foot is currently $3,666.
Built in 1929 by the grandfather of Jacqueline Kennedy Onassis — who lived there as a child — 740 Park has just 31 residences, but they've commanded some of the highest real estate prices in New York history. John D. Rockefeller, financier Saul Steinberg, and Blackstone founder Steve Schwarzman have all hung their hats in the building. In fact, they've all lived in the very same apartment.
While some of New York's richest have decided to invest in the shiny new luxury condos available on "Billionaire's Row" on 57th Street or in downtown Tribeca's glossy high-rises, the Upper East Side still holds its own, according to Michael Gross, the author of "House of Outrageous Fortune" about 15 Central Park West and "740 Park: The Story of the World's Richest Apartment Building."
"I think in the current condo era, [740 Park] represents a previous generation of Manhattan wealth," Gross told Business Insider. "But I think that the cyclical nature of real estate makes it a very good bet that co-ops will have a comeback, and the east side will have a comeback."
There are currently four units with active listings in the building. If you buy in — and get past the co-op board — you'll have some very wealthy neighbors. Below, a roundup of those famous names.
Julie Zeveloff wrote an earlier version of this story.
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740 Park opened its doors in October 1930, in the heart of the Great Depression. It remained a "financial sinkhole" until the 1980s, when apartment prices rose astronomically.
Source: "740 Park: The Story Of The World's Richest Apartment Building" by Michael Gross
These days, only the wealthiest types are even considered for admission to the co-op. Applicants must be able to show a liquid net worth of at least $100 million.
Source: "740 Park: The Story Of The World's Richest Apartment Building" by Michael Gross
But wealth isn't the only factor. Barbra Streisand, Neil Sedaka, junk bond tycoon Nelson Peltz, and the billionaire Leo Blavatnik have all reportedly been rejected by the co-op board.
Source: "740 Park: The Story Of The World's Richest Apartment Building" by Michael Gross
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