This eighteen-story structure was built in a neo-Renaissance style by architect Rosario Candela. Residential apartment building, 720 Park Avenue is faced with red brick and a three-story limestone base with stone detailing. The primary entrance on Park Avenue is crowned with a broken pediment above a frieze supported by engaged columns.
The 70th Street side entrance is flanked by twin pilasters with an arched enframement. Decorative, floral and festoon panels in spandrels adorn the structure between the first and second floor windows. Stringcourses highlight the top of the second, third, seventh and tenth floors. Most windows are accentuated with stone enframements and some have decorated spandrels. The 12th floor features a cornice which marks the top portion of the structure. With asymmetrical fenestration, setbacks begin above the 12th floor, creating bay windows and terrace space. Decorative, geometrical motifs pattern the parapets on the setback levels. The residents of 720 Park Avenue enjoy low real estate taxes. According to the Above the Law web site, 720 Park receives highly favorable tax treatment from New York City. The New York Times looked at the vagaries of the tax laws — a result of several decades of political compromises — through the uncommonly low taxes paid at 720 Park Avenue, and other Upper East Side co-ops. It found that some owners of small two-family brick and shingle houses near Kennedy International Airport paid three times the effective tax rate as their Park Avenue peers. In the last year (2006), while property tax assessments across the city rose by more than nine percent, the assessors reviewed 720 Park Avenue. But rather than raising taxes on the building, they reduced them. City records show the official market value of the building and the tax burden on it were cut by 12 percent. John E. Beerbower, a partner in Cravath, Swaine & Moore used to be the co-op board’s president. In 2006, he and his wife, Cynthia, sold their 14-room apartment on the seventh floor for $20 million, nearly the same value placed on the entire building by the city’s Finance Department. History: According to Steven Gaines in The Sky’s the Limit (2005), winning admission to this exclusive co-op requires a net worth of at least $50 million. According to the Above the Law website, some of the people who have called 720 Park Avenue home include: Financier Henry Grunwald and Revlon exec Michael Bergerac, Carl Spielvogel, the former advertising executive and former ambassador to the Slovak Republic, and Leonard Riggio — the founder, chairman and CEO of Barnes & Noble. As noted in a 2008 article in The Real Deal, investment advisor Carl Spielvogel and his wife sold their apartment on the seventh floor at 720 Park Avenue for $36.63 million, nearly twice what they paid for it the two years prior. The buyer was identified as Jill Kraus, wife of Peter Kraus, a former executive vice president at Merrill Lynch. According to a 2010 article in The Real Deal, Jamie Tisch, the philanthropist and socialite ex-wife of producer and New York Giants co-owner Steve Tisch, is in contract on 720 Park Avenue’s fourth-floor apartment for $22 million.