$130M penthouse at 520 Park Avenue is now two separate units

Posted On Fri, January 4, 2019 By

Posted On Fri, January 4, 2019 By In condos, New Developments, real estate trends, Upper East Side

The quest to outdo One57’s record-setting $100.5 million penthouse doesn’t seem to be working. The two contenders, 220 Central Park South and 520 Park Avenue–both Robert A.M. Stern-designed buildings–announced their $250 and $130 million penthouses in 2016 and 2014 respectively, but there’s been no movement since. The latter building seems to have taken the hint, though, as The Real Deal reports that the 12,398-square-foot triplex has been chopped up into two “smaller” units–a $40 million full-floor unit and an $80-$100 million duplex.

Though Zeckendorf Development couldn’t be reached for comment, agent Jeffrey Fields, who recently represented the buyer of a $68 million condo at 520 Park, told The Real Deal that the developers realized the penthouse was just too big and that there’s a high demand for duplex units. He also noted the trend of developers carving up super-large and/or super-high-priced penthouses–which has happened at 432 Park, 10 Sullivan, and 160 Leroy–amid a cooling luxury market. As 6sqft recently reported, “new development sales are projected to reach about $4.98 billion through the end of 2018, down from the $8.9 billion in new condo sales recorded in 2017.”

So for now, the $250 million blockbuster at 220 Central Park South is the frontrunner. Closings began in October, but there have been no murmurings about the penthouse. The 23,000-square-foot, four-floor “billionaire’s bunker” originally attracted hedge fund tycoon Ken Griffin.

[Via TRD]

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Neighborhoods : Upper East Side

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