$130 Million Penthouse at 520 Park Avenue Will Be the City’s Most Expensive

Posted On Wed, September 24, 2014 By

Posted On Wed, September 24, 2014 By In condos, Cool Listings, New Developments, Upper East Side

The Ritz Carlton penthouse combo has just been shoved from its top spot as the city’s priciest listing and replaced by the triplex penthouse at Zeckendorf Development Co.’s 520 Park Avenue. At $130 million, it will become the most expensive to ever hit the market, beating out the Ritz pad by about $11 million. According to Bloomberg, the building’s sales plan was approved by the New York State attorney general’s office last week, and Zeckendorf is already calling the penthouse “the greatest apartment on the Upper East Side.”

The penthouse is said to measure 12,394 square feet and will span the top three floors. With a $130 million price tag, this works out to about $10,000 a square foot. Another notable blockbuster announced recently was the Woolworth building’s “Pinnacle” penthouse at $110 million.

“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,” said Jonathan Miller of Miller Samuel Inc. in an interview with Bloomberg about 520 Park Avenue property.

In addition to an extravagant penthouse, 520 Park will host seven 9,000+-square-foot duplexes, starting at $67 million; while its single floor 4,600-square-foot apartments will be priced at $16.2 million and up.

Sales for units are slated to begin next year and construction on the building will wrap in 2017.

[Via Bloomberg]

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Neighborhoods : Upper East Side



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