Oaktree’s Marks Lists Ritz-Carlton Condo for $50 Million

Howard Marks, chairman and co-founder of Oaktree Capital Group LLC (OAK), listed his eight-room condo at Manhattan’s Ritz-Carlton for $50 million, more than than double what he paid for it in 2007.

The 4,500-square-foot (420-square-meter) apartment on Central Park South was put on the market on July 7, according to listings website StreetEasy.com. Marks bought it for $18.9 million five years ago, when it was marketed as raw space, according to the website.

“It was literally concrete walls and floors and ceiling,” said Roberta Golubock, senior vice president at brokerage Sotheby’s International Realty, which listed the apartment. Marks and his wife “replaced the windows, so there’s nothing in it other than columns that wasn’t created” after the couple purchased the property.

The two-bedroom unit with “magical views of Central Park” is one of 12 residences above the Ritz-Carlton hotel, which offers such amenities as a spa and fitness center, according to Golubock’s listing. The condo’s living room has a “parquet de Versailles-patterned floor of German silver, hand-hammered over wood,” and the library is “inspired by Coco Chanel’s famous Paris apartment,” according to the listing.

Architectural Digest featured the apartment on its March 2011 cover, Golubock said.

‘Finished Product’

Marks, reached by e-mail, referred questions to Golubock.

“The owner spent close to three years working on the apartment -- designing, fabricating and finishing -- and I think that there is absolutely a market for people who would appreciate the opportunity not to have to spend years getting the finished product,” she said.

In May, Marks, 66, set a record when he bought a duplex at 740 Park Ave. for $52.5 million, the highest price ever paid for a New York City co-op. The eight-bedroom unit had belonged to Courtney Ross, the widow of former Time Warner Inc. Chief Executive Officer Steven J. Ross, according to New York City property records filed on May 11.

That same month, an 11,000-square-foot duplex penthouse at the One57 tower under construction in Midtown, went into contract for more than $90 million, setting a record for the priciest condo sale.

Purchases of luxury apartments, defined as the top 10 percent of all sales by price, totaled 265 deals in the second quarter, unchanged from a year earlier, Miller Samuel and Prudential said on July 3. The median price of those transactions fell 10 percent to $4.08 million.

Oaktree, based in Los Angeles, raised $380.2 million in April in an initial public offering.

To contact the reporter on this story: Oshrat Carmiel in New York at ocarmiel1@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

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