The Real Deal New York

This retail mogul is joining a wealthy set of owners at 520 Park

Jay Kurani bought a sponsor unit for $20M
By Meenal Vamburkar | September 17, 2018 05:30PM

From left: Jay Kurani, 520 Park Avenue, and developer Arthur Zeckendorf (Credit: Getty Images and 520 Park Avenue)

A unit at 520 Park Avenue just sold for $20 million.

The buyers are Jay and Jennifer Kurani, according to New York City Department of Finance records. Jay “Jeff” Kurani is the founder of Tekno Products, which sells products through infomercials.

The apartment was a sponsor unit.

Closings began at the Zeckendorf Development building earlier this month. The first was unit 18, which closed for $16.9 million. The buyer is Ronn Torossian, founder of 5WPR, who is known for his dealings with people in President Trump’s orbit. The Real Deal reported that Zeckendorf has received the TCO for the building and move-ins are expected to begin this month.

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.

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