The Real Deal New York

It took a 23% discount to sell this penthouse at 520 Park

The unit closed for about $7,000 per sf
By Meenal Vamburkar | January 11, 2019 01:30PM

A penthouse at 520 Park Avenue sold for nearly $10 million less than its asking price.

Another penthouse at Zeckendorf Development’s 520 Park has sold, this one at a nearly $10 million discount.

The unit at the 54-story building sold for $32.4 million, according to records filed with New York City’s Department of Finance. The anonymous buyer is listed as “520 Park PH48 LLC.”

The unit spans about 4,628 square feet, according to the offering plan. It was priced at $42 million — and closed for about $7,000 per square foot.

The sale comes as the developer decided to market the project’s $130 million penthouse as two smaller units. What was once planned as a 12,398-square-foot triplex is now being offered as a simplex priced at $40 million and duplex priced between $80 million and $100 million. One agent told The Real Deal the decision made sense given the demand for the duplex listings at 520 Park.

Closings at the Robert A.M. Stern-designed building began in September, and accounted for some of the priciest residential deals last year. Vacuum cleaner mogul James Dyson paid $73.8 million for a penthouse at the 33-unit building. And billionaire investment banker Ken Moelis (brother of affordable housing developer Ron Moelis) shelled out $62 million for his duplex.