The Real Deal New York

Not exactly on Park Avenue? No problem

Luxury towers claim premium addresses, regardless of building frontage
February 14, 2015 01:00PM

Thanks to an air rights deal, future residents of the Zeckendorfs’ new uberluxury building will be able to claim Park Avenue status — despite being located at 45 East 60th Street.

Until recently, 520 Park Avenue was the address of Christ Church, which occupies the corner lot. But following a $30.4 million deal for the church’s air rights and an $11,000 processing fee, the new 54-story limestone building will get the coveted Park Avenue address, according to the New York Times.

“Most of The Great Buildings On Park Avenue end in multiples of 10, Like 480 Park Avenue, 510 Park and 740 Park Avenue, and the developers are following that tradition,” a spokesperson for developers William and Arthur Zeckendorf told the Times.

In fact, the Zeckendorfs wanted a Park Avenue address so much that they wrote to Scott Stringer, who was then the Manhattan borough president, promising to “ensure vital ongoing financial support for the church” in exchange for “an irrevocable license to use its Park Avenue address.”

But not every developer wants a flashy avenue address. Some buildings want to offer a sense of seclusion. For instance, a low-rise condominium project at Madison Avenue and East 74th Street, has chosen to go by 33 East 74th Street.

“Madison Avenue is very celebrated and we could have been 933 Madison,” said Susan de França, the president of Douglas Elliman Development Marketing, which is marketing the building. “But with a Madison Avenue address, people would think it was a larger building. And given the fact that it is a boutique-type property, we felt the East 74th Street address presents it in a more residential context.” [NYT]Christopher Cameron