After split, 520 Park sponsor unit sells to Israeli automotive exec for $36M

A three-bedroom condo at 520 Park Avenue has sold for $36 million — or $7,778 per square foot.

The 4,628-square-foot sponsor unit went into contract in early September and closed a month later, records show. The buyers are listed as couple Gil-Haim Agmon and Orit Alster Ben Zvi. Agmon is the CEO of Delek Automotive Systems, an Israeli-based holding company that handles the import, distribution and marketing of vehicles and parts.

The condo was originally part of a 9,138-square-foot duplex that was asking $83 million before it was split into two separate units. The other unit, renamed penthouse 51, sold in 2019 for $32 million, meaning the combined take from the split units totaled $68 million.

The splitting of large units became a common tactic in the years prior to the pandemic as the luxury condo market softened.

A 64-story boutique condominium, 520 Park Avenue was developed by Zeckendorf Development and designed by architect Robert A.M. Stern. Sales launched in 2015 when the condo market was booming. But as of March 2020, the developers had sold 25 residences, while 10 remained unsold, according to a filing with the Attorney General’s office.

Since then, there have been a handful of sponsor unit sales at the building. A four-bedroom unit sold for $22 million last year while the city was still in lockdown. A slightly smaller four-bedroom unit sold for $18.3 million last October. A month later, a larger unit traded for $22 million.

Zeckendorf Development declined to comment. Agmon and Ben Zvi could not be reached. Their agent, Douglas Elliman’s Liza Nematnejad, also declined to comment.

Read more

New York

Zeckendorfs carve up $130M penthouse at 520 Park Avenue