The Real Deal New York

Ron Moelis’ billionaire banker brother is the buyer of 520 Park’s $62M penthouse

The deal is among the priciest resi sales this year
November 28, 2018 05:20PM

520 Park Avenue and Ken Moelis

Billionaire investment banker Ken Moelis is the buyer of the $62 million penthouse at Zeckendorf Development’s 520 Park Avenue.

The deal — one of the priciest this year — closed this month, according to the Wall Street Journal. He’s the brother of affordable housing developer Ron Moelis, who is the founder and CEO of L+M Development Partners.

Moelis’ boutique investment bank Moelis & Company advised on Hilton’s $26 billion sale to Blackstone in 2007, the report said. He also advised Saudi Arabia’s government on its efforts to take its national oil company Aramco public.

The duplex was asking $73 million, according to an old listing. The home spans about 9,200 square feet, and has a private elevator between levels. It’s one of four duplex penthouses at the Robert A.M. Stern-designed project, which also features a $130 million triplex penthouse among its 33 units.

Closings began at 520 Park in September. Last year, it was reported that billionaire Frank Fertitta, former owner of the Ultimate Fighting Championship, was the buyer of a $70 million duplex penthouse. And vacuum cleaner mogul James Dyson also reportedly snagged a $73.8 million duplex penthouse unit at the 54-story tower, but it also hadn’t yet hit city records. [WSJ] — Meenal Vamburkar