Buyer of $28M unit at 520 Park Ave races to save nearly $1M on taxes

The sale of the sponsor unit closed about two weeks before New York's new progressive taxes go into effect

New York /
Jun.June 25, 2019 07:00 AM
520 Park Avenue and William Zeckendorf (Credit: Google Maps and Getty Images)

520 Park Avenue and William Zeckendorf (Credit: Google Maps and Getty Images)

An anonymous buyer has closed on a full-floor pad at Zeckendorf Development’s 520 Park Avenue for just over $28 million, according to public records. And he or she wasted no time in getting the deal over the finish line.

The contract for Unit 33 was signed on April 12, which means the four-bedroom condo sale fell within a narrow three-month window where the buyer and seller could avoid the new taxes if they closed before July 1. The rush to avoid the new taxes is causing a last-minute crunch for many lawyers and brokers.

The sale closed on June 18 just ahead of New York’s new mansion and transfer taxes going into effect on July 1. If the buyer had waited another two weeks, the new tax bill would have been $1.67 million, compared to around $791,000, according to The Real Deal‘s calculations.

The buyer of Unit 33 is listed as the entity “520Park33 LLC.” Spanning roughly 4,600 square feet, the anonymous buyer paid about $6,000 a square foot for the apartment.

Zeckendorf Marketing handled the sale on behalf of the developer. Zeckendorf did not respond to a request for comment, nor did real estate attorney Jason Polevoy of Patterson Belknap, the authorized signatory of the buyer’s LLC.

Closings at the 64-story luxury condo tower began last September and have included some of the priciest sales in the city, despite a tough market. Though most, like unit #33, were purchased through anonymous LLCs, billionaire investment banker Ken Moelis and vacuum cleaner mogul and British billionaire James Dyson are among the buyers that are publicly known.


Related Articles

arrow_forward_ios
Extell president Gary Barnett, 510 East 14th Street and RXR Realty CEO Scott Rechler (Getty, EVGB)
Extell sells stake in Manhattan rentals to RXR Realty
Extell sells stake in Manhattan rentals to RXR Realty
A two floor unit in The Benson on Madison Ave was the priciest home to go into contract last week. (The Benson)
Best week since 2019 for Manhattan luxury market
Best week since 2019 for Manhattan luxury market
Renderings of 1 Prospect Park West in Brooklyn 
Park Slope condo building poised to set new price record
Park Slope condo building poised to set new price record
Meredith Bluhm-Wolf and 520 Park Ave. (Getty, 520 Park)
Daughter of casino magnate Neil Bluhm buys $20M condo
Daughter of casino magnate Neil Bluhm buys $20M condo
37 East 12th Street and 262 Central Park West (Google Maps, iStock)
Luxury report: Patience pays off for buyer of $20M penthouse
Luxury report: Patience pays off for buyer of $20M penthouse
The contract for the 53rd-floor unit was one of 16 signed last week for Manhattan properties asking above $4 million. (111w57)
Condo at 111 West 57th Street tops Manhattan luxury contracts
Condo at 111 West 57th Street tops Manhattan luxury contracts
The penthouse at 3150 South Street in Washington, D.C. (Photos via Redfin; Homevisit)
DC Ritz-Carlton penthouse seeks record-breaking price
DC Ritz-Carlton penthouse seeks record-breaking price
109 East 79th Street and 1010 Park Avenue (Google Maps)
Upper East Side trophy property tops luxury deals — again
Upper East Side trophy property tops luxury deals — again
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...