Bloomberg News

Oaktree’s Marks Pays a Record $52 Million for NYC Co-Op

May 14, 2012

Howard Marks, chairman and co-founder of Oaktree Capital Group LLC (OAK:US), paid $52.5 million for a duplex apartment on New York’s Park Avenue, a record price for a Manhattan co-op.

Marks acquired the eight-bedroom property at 740 Park Ave. from Courtney Ross, the widow of former Time Warner Inc. Chief Executive Officer Steven J. Ross, according to New York City property records filed on May 11.

The Park Avenue tower, completed in 1930 and designed by architects Rosario Candela and Arthur Loomis Harmon, has been home to John D. Rockefeller Jr. and Jacqueline Kennedy Onassis, according to property-listings website StreetEasy.com. Its 31 units include duplexes, triplexes and penthouses with nine to 34 rooms.

The price is the highest paid for a New York City co-op, according to Jonathan Miller, president of appraiser Miller Samuel Inc. The previous record was $48.8 million, set in July 2008, for an apartment on 1060 Fifth Ave., Miller said.

Oaktree, based in Los Angeles, raised $380.2 million last month in an initial public offering. Marks declined to comment through a spokeswoman, Tricia Ross.

To contact the reporter on this story: Oshrat Carmiel in New York at ocarmiel1@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW

Companies Mentioned

  • OAK
    (Oaktree Capital Group LLC)
    • $50.97 USD
    • -0.18
    • -0.35%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus