Not exactly on Park Avenue? No problem

Luxury towers claim premium addresses, regardless of building frontage

TRD 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
Right to left: 831, 835 and 837 Madison Avenue (Google Maps)

“The ’57 Chevy in that old lady’s garage”: Madison Avenue buildings up for sale in litmus test for retail real estate

“The ’57 Chevy in that old lady’s garage”: Madison Avenue buildings up for sale in litmus test for retail real estate
730 Park Avenue (Google Maps, Wikipedia)

British aristocrats sue to quit Park Ave purchase

British aristocrats sue to quit Park Ave purchase
A Manhattan community board is pushing for Park Avenue to be closed to traffic as Mayor Bill de Blasio announces choices for “Open Streets” program (Credit: de Blasio by Bryan Thomas/Getty Images; Tayfun Coskun/Anadolu Agency via Getty Images)

Plan to pedestrianize Park Avenue floated as mayor expands street closures

Plan to pedestrianize Park Avenue floated as mayor expands street closures
(Credit: iStock)

No more playrooms, pools or gyms as NYC resi buildings hunker down

No more playrooms, pools or gyms as NYC resi buildings hunker down
Vornado CEO Steve Roth and 595 Madison Avenue (Credit: Google Maps and Getty Images)

Fendi, Berluti take over old Coach flagship at 595 Madison

Fendi, Berluti take over old Coach flagship at 595 Madison
545 Madison Avenue and Thor Equities CEO Joe Sitt (Credit: Google Maps)

Thor Equities on the verge of losing another building in Manhattan

Thor Equities on the verge of losing another building in Manhattan
People who made NYC: The legacy of William Zeckendorf Sr.

People who made NYC: The legacy of William Zeckendorf Sr.

People who made NYC: The legacy of William Zeckendorf Sr.
From left: 116 University Place, J.K. Simmons, Alex von Furstenburg and 432 Park Avenue (Credit: Streeteasy and Getty Images)

These are the most notable luxe residential sales around NYC this week

These are the most notable luxe residential sales around NYC this week
arrow_forward_ios

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

Loading...