The Real Deal New York

Closings have begun at 520 Park

First unit sold to Ronn Torossian for $17M
By Meenal Vamburkar and E.B. Solomont | September 06, 2018 03:10PM

Arthur Zeckendorf and 520 Park Avenue (Credit: Getty Images and 520 Park Ave)

Zeckendorf Development’s 520 Park Avenue just got its first closing.

Unit 18 closed at the building for $16.9 million, according to New York City Department of Finance records. The buyer is Ronn Torossian, founder of 5WPR, sources said. He purchased the unit through a limited liability company, RAFEMA LLC, sources confirmed.

Attorney Edward Mermelstein of One and Only Realty helped to broker the deal and Petro Zinkovetsky was the signatory on the deed. Sources said Zeckendorf has received the TCO for the building and move-ins are expected to begin this month.

Interior of 520 Park Avenue

Torossian is known for his dealings with people in President Trump’s orbit. Earlier this year, he wrote an op-ed announcing that he testified before a Washington grand jury convened by special prosecutor Robert Mueller about his involvement with Paul Manafort. His firm also represented Sinclair Broadcasting, the largest television station operator in the U.S. that draws attention for requiring its anchors to read pro-Trump scripts.

The New York Attorney General declared the building’s offering plan effective about a year ago. The developer said it was aiming for a $1.2 billion sellout at the 34-unit building.

Other residents at 520 Park include billionaire Frank Fertitta, former owner of Ultimate Fighting Championship; former Barclays CEO Bob Diamond; and Dyson company founder James Dyson.

In March, Zeckendorf landed a $175 million refinancing package for the building.