520 Park Avenue: New York’s most expensive apartment listing ever

Zeckendorf Development has aimed to create "the greatest apartment on the Upper East Side".

520 Park Avenue - the triplex penthouse at Zeckendorf Development's tower under construction on Manhattan's Upper East Side. Zeckendorf Development

A triplex penthouse at Zeckendorf Development’s tower under construction on Manhattan’s Upper East Side will be offered for sale at US$130 million, making it New York’s most expensive apartment listing.

The 12,394-square-foot property will span the top three floors at 520 Park Avenue, where sales will begin the first quarter of next year, says Arthur Zeckendorf.

The tower’s offering plan, which details units for sale and their prices, was approved by the New York State attorney general’s office last week, allowing the developer to begin marketing the 31 apartments, Mr Zeckendorf say. The building, between 60th and 61st streets, will include seven duplexes of about 9,138 square feet each, starting at $67m, according to the plans. Single-floor units of about 4,600 square feet will start at $16.2m.

The triplex would be the most expensive listing for an apartment in New York history says Jonathan Miller, president of appraiser Miller Samuel.

“In the best-case scenario, it is providing a bold stroke to the market, implying that there are buyers out there for this price point,” says Mr Miller.

In plans filed with the attorney general’s office, developers of condos at lower Manhattan’s landmark Woolworth Building said they were seeking $110m for the penthouse atop the 58-story tower.

The triplex at 520 Park Avenue, slated for completion in 2017, will be the largest on the Upper East Side, Mr Zeckendorf says. The unit also has a 1,257-square-foot terrace with views of Central Park to the north.

“We wanted to create what we consider the greatest apartment on the Upper East Side,” says Mr Zeckendorf, co-chairman of the development company with his brother, William Lie Zeckendorf.

The asking price works out to about $10,000 a square foot, which is the average resale price of condos that face the park at the Zeckendorfs’ 15 Central Park West, he adds. At that complex, on the Upper West Side, former Citigroup chairman Sanford Weill sold his penthouse for $88m in 2012, Manhattan’s most expensive completed residential deal.

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