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

Entity linked to JRK Property Holdings' James Lippman purchased the pad

TRD New York /
Dec.December 03, 2018 06:23 PM

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.


Related Articles

arrow_forward_ios
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

At $225M, Bel Air’s Casa Encantada becomes America’s priciest listing

Brokerage firms are strategizing ways to make up losses after the cost of application fees was capped at $20. (Credit: iStock)

Brokerages on rental application fee cap: “It hurts”

Alex Rodriguez (Photos by Guerin Blask)

A-Rod is coming for NYC and SoFla real estate

There will be 70 agents based at the new office (Credit: iStock)

Compass opens Long Island City office as new-development sales surge

993 Fifth Avenue and Gilbert Harrison (Credit: Google Maps and GLC)

Retail exec sells Fifth Avenue co-op to Chanel heir for $19M

Kuwaiti royal was defrauded of $160M investment in Mountain of Beverly Hills: lawsuit

The Daily Digest - Tuesday

New life for Toys “R” Us, Masa Son is “embarrassed” with the Vision Fund: Daily digest

arrow_forward_ios