Not exactly on Park Avenue? No problem

Luxury towers claim premium addresses, regardless of building frontage

New York /
Feb.February 14, 2015 01:00 PM

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


Related Articles

arrow_forward_ios
SL Green's Marc Holliday and 245 Park Avenue (Getty Images, SL Green, Google Maps)
SL Green takes over 245 Park Avenue
SL Green takes over 245 Park Avenue
Madison Avenue Business Improvement District's Matthew Bauer and 692 Madison Avenue (Google Maps, Linkedin, Getty)
Madison Avenue retail activity rising
Madison Avenue retail activity rising
SpringHealth CEO April Koh, 60 Madison Avenue and Moinian Group’s Joseph Moinian (SpringHealth, VTS, Moinian)
Youngest female unicorn CEO moves startup to Moinian’s 60 Madison Avenue
Youngest female unicorn CEO moves startup to Moinian’s 60 Madison Avenue
SL Green’s Harrison Sitomer with 245 Park Avenue
Judge confirms HNA must pay $185M to SL Green
Judge confirms HNA must pay $185M to SL Green
Alex Sapir in front of 260 and 261 Madison Avenue (Getty Images, The Sapir Organization)
Sapir faces ticking clock to refinance Madison Avenue office loan
Sapir faces ticking clock to refinance Madison Avenue office loan
415 Madison Avenue and Rudin Management’s Bill Rudin (SOM, Rudin Management)
Rudin moves ahead with office building at 415 Madison Avenue
Rudin moves ahead with office building at 415 Madison Avenue
SL Green’s Harrison Sitomer with 245 Park Avenue
SL Green gets restraining order against HNA at 245 Park Ave
SL Green gets restraining order against HNA at 245 Park Ave
1295 Madison Avenue, Lantern Real Estate’s Tal Bar-or, Adellco’s Matthew Adell and G4’s Jason Behfarin (iStock, The Wales, Lantern Real Estate, American Friends of Blérancourt, G4, Illustration by Kevin Cifuentes for The Real Deal)
Adellco scores $95M refi for Madison Avenue condo conversion
Adellco scores $95M refi for Madison Avenue condo conversion
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...