Monday, July 14, 2014

The most expensive building in New York: 740 Park Avenue, the new real estate gem

At number 740 Park Avenue, right on the corner of Calle 71, in upscale Lenox Hill in Manhattan, New York, stands one of the most iconic buildings in the city of skyscrapers. Designed by Italian architect Rosario Candela U.S., this imposing art deco building built in 1929 (the most iconic art deco buildings of New York) has been the home of people like John D. Rockefeller Jr. and Jacqueline Kennedy Onassis. Information provided by the website of luxury lifestyle

The 19-story building and magnificent limestone facade features 31 apartments, one of which is-by far-the most expensive in the history of New York. Property of the Government of France and Gérard Araud residence, its ambassador to the United Nations (until the transaction formally completed), this 18-room duplex occupies floors 12 and 13 of the historic building.

Although the property was listed on the market with an estimated value of $ 48 million, apparently the news of his sale sparked a bidding war between three different bidders. The best was that of American billionaire Israel 'Izzy' Englander, who finished disbursing $ 70 million for the apartment.

This operation equal to that paid by the employer and Egyptian billionaire Nassef Sawiris, who also disbursed $ 70 million to acquire a penthouse at 960 Fifth Ave that had been owned by the late Edgar Bronfman.

The son of Jewish Polish immigrants who survived the Holocaust, Englander was born in Brooklyn in 1948. Ventured for the first time in the world of business while still a student, buying and selling stocks. Also known for his philanthropic work in 2006 donated $ 20 million, primarily to schools and Jewish organizations.

Israel Englander founded the hedge fund firm Millennium Management in 1989 with an initial investment of $ 35 million. The firm currently manages more than 23,000 million.

With a personal fortune estimated at 3,300 million, Englander already owning an apartment on the 14th floor of the legendary building, but was determined to acquire the neighboring duplex as a pied-à-terre or shelter for their children and grandchildren during their visits to the city.

Have you paid too much for this duplex Englander at number 740 on Park Avenue? According to Victoria Shtainer, one of the most important real estate agents in New York and part of the team of the firm Douglas Elliman, the fact that the purchaser is owner of an apartment on the 14th floor of the building has been key in operation. "An apartment always worth more to the neighbor next door to anyone else," he says. "He saw the opportunity to create a triplex. Such opportunities only happen once in life and he took it," he says.

"All great fortunes of the town came to see the apartment," said Ambassador Araud. The duplex of 700 square meters, has double height ceilings, classical moldings, five fireplaces, a private elevator, 38 windows and a small terrace. Its elegant staircase leads to the second floor, where the impressive master suite with two bedrooms is located. In their rooms, hardwoods and marble are the protagonists. Your dining room for 10 people has a magnificent view, while its spacious studio is decorated with luxurious fabrics and fireplace.

The spectacular duplex was originally purchased in 1979 by the French government, which then paid $ 600,000-the equivalent of 1.9 million dollars today-which means an unprecedented 3,500 percent gain for the coffers of the French state . Once the transaction is complete, the ambassador will change his residence to a nearby apartment, but much less expensive, at number 435 East 52nd Street.

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