Connect with us

Hi, what are you looking for?

Jewish Business News

Real Estate

Billionaires battle over renovations at 740 Park

Alloys Unlimited founder Hamburg Tang is suing Oaktree Capital Head Howard Marks

 740-Park-Avenue-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.

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.

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.”

 

Newsletter



Advertisement

You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...

Life-Style Health

Medint’s medical researchers provide data-driven insights to help patients make decisions; It is affordable- hundreds rather than thousands of dollars

Entertainment

The Movie The Professional is what made Natalie Portman a Lolita.

Travel

After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...