The Real Deal New York

Trust associated with real estate mogul closes on $30M unit at 520 Park

Entity linked to JRK Property Holdings' James Lippman purchased the pad
By Meenal Vamburkar | December 03, 2018 06:23PM

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

As the closings continue at Zeckendorf Development’s 520 Park Avenue, the latest deal to hit city records is for $30 million.

The buyer is a trust associated with James and Linda Lippman, according to records filed with New York City’s Department of Finance. James Lippman is the founder and CEO of JRK Property Holdings.

The Los Angeles-based firm has a $6 billion portfolio of hotels and multifamily units spanning 20 states, according to its website. It’s one of the largest multifamily apartment owners in the country. Lippman couldn’t immediately be reached for comment.

Unit 34 was originally listed for $33.85 million. The single-floor apartment covers about 4,600 square feet — and includes a master bedroom suite with two full bathrooms. The condo also has a library.

This closing follows a string of other sales — including some of the project’s priciest units — that have recently hit records. Billionaire investment banker Ken Moelis bought a $62 million penthouse at 520 Park. It’s among 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 snagged penthouse 60, paying nearly $74 million.