Published On: Tue, Jun 14th, 2016

Billionaires battle over renovations at 740 Park

Alloys Unlimited founder Hamburg Tang is suing Oaktree Capital Head Howard Marks
740 Park Avenue is a very spacial home for billionairs such as Stephen Schwarzman, J. Ezra Merkin, David &Julia Koch, John Thain, and Finance Chair of the Donald Trump 2016 presidential campaign Steven Mnuchin.The billionaires’ latest battle in New York, set in this house between Alloys Unlimited semiconductor founder Hamburg Tang, 85, and his wife Miranda, 80, who are suing Oaktree Capital head Howard Marks as well as the co-op board.

The Hamburgs are accusing the Marks of conducting interminable, loud, damaging renovations at their duplex unit.

According to the suit, Marks’ workers allegedly cracked ceilings and molding in the Tangs’ apartment, damaged “irreplaceable artwork, ” and make it hard for the couple to sleep, the New York Post reported.

While The Hamburgs live there since 1995, Marks bought his 30-room palace in 2012 from Time Warner widow Courtney Sale Ross for $52.5 million, record price for co-ops at the time.

The suit says that he’s been going throw “gigantic renovation and demolition” a four year-and-counting, and violating the building’s rules that restrict renovation work to daylight hours between May and September. The co-op board allegedly granted Marks five extensions of his original work timetable.

Tangs’ attorney Adam Leitman Bailey told The Post that Tangs are demanding the board stop the work. “We realized the board is a white man’s billionaires’ club. Because my client is not in that club, they were not treated with the same respect as others.”


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