It’s pretty sweet being born ridiculously rich, as both Donald Trump’s former Treasury Secretary Steve Mnuchin and Lacey Tisch, heiress to a multibillion dollar family fortune, can attest. Mnuchin recently unloaded a duplex at 740 Park Avenue that had been in his family since the 1960s and Tisch, daughter of business magnate Andrew Tisch, was the buyer who forked over $22.5 million — a fortune less than the original ask of $32.5 million — for the mansion-sized apartment in what is widely considered the city’s best and most powerful address.
On the 8th and 9th floors of the illustrious Rosario Candela-designed building, the co-operative unit has all the standard rich-folks amenities: its own elevator landing, several wood-burning marble fireplaces, and an enormous living room with four huge windows and “34 linear feet of Park Avenue frontage,” according to the listing. The brokers at Warburg Realty who repped the seller were Carol Terner Lederman, Mnuchin’s aunt and the apartment’s previous owner, and her daughter, Judy Kloner. In addition to its gargantuan public spaces, the roughly 6,500-square-foot apartment boasts five bedrooms and six and a half bathrooms.
As an article in New York Magazine once stated, “Mnuchin wasn’t born on third base so much as a few inches to the left of home plate.” The investment banker and film producer, whose father started at Goldman Sachs in 1957 and stayed there for 33 years, is also a Goldman alum whose net worth is estimated around $300 million.
Lacey Tisch is also no slouch in the relatives department — unsurprising, considering that old-school Park Avenue co-op boards like those at 740 Park don’t typically welcome arrivistes. Tisch’s grandfather founded the oil, gas and hospitality concern Loews Corporation with his brother, and the net worth of the entire Tisch clan is estimated at around $21 billion. Lacey serves as director of brand marketing at the family’s Loews Hotels and co-founded a Goop-like startup wellness space called Sage and Sound.
740 Park, which doesn’t allow financing and charges sky-high monthly common charges — the Mnuchin/Tisch spread’s fees are close to $20,000 a month, is the childhood home of Jackie Kennedy Onassis, whose grandfather James T. Lee built the Art Deco edifice that looms over the corner of East 71st Street and Park Avenue. Past residents include John D. Rockefeller Jr., Saul Steinberg, David H. Koch, and various Vanderbilts (all dead), while current occupants include Blackstone Group’s Stephen Schwarzman, who presides over a massive 34-room triplex, and former Merrill Lynch CEO John Thain, whose duplex penthouse is listed at $29.5 million.
Tisch is moving on up — three whole blocks! — from a 12-room duplex at 655 Park Avenue for which she paid $16 million in 2014. As for Mnuchin and his wife, part-time actress/producer Louise Linton, they still own a home in Washington, D.C., that they acquired in early 2017 for close to $12.6 million but nowadays make their primary home a nearly 23,000-square-foot mansion in L.A.’s Bel Air neighborhood, where one of their nearest neighbors is Salma Hayek.