740 Park Avenue is a legendary address, at one time considered (and still thought to be by some) the most luxurious and powerful residential building in New York City.
The co-op, on the corner of 71st Street and Park Avenue, has an impressive past.
Built in 1929 by the grandfather of Jacqueline Kennedy Onassis--who lived there as a child--740 Park has just 31 residences that have, over time, commanded some of the highest real estate prices in New York history.
Its roster of residents, past and present, reads like a "who's who" of New York's wealthiest and most famous citizens.
It's even the subject of a 2005 book by Michael Gross (he now runs a blog about the building).
740 Park opened its doors in October 1930, in the heart of the 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 $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 Russian billionaire Leo Blavatnik have all been rejected by the co-op board.
Source: 740 Park: The Story Of The World's Richest Apartment Building by Michael Gross
See the rest of the story at Business Insider