Penthouse at 520 Park Avenue sells for $35M — $8M below ask

Zeckendorf building’s highest full-floor residence trades in off-market deal

520 Park Avenue (Instagram via Tal Alexander)
520 Park Avenue (Instagram via Tal Alexander)

Penthouse 62 at Zeckendorf Development’s 520 Park Avenue closed for $34.5 million in an off-market deal, according to a source familiar with the matter. The amount was 19 percent below the $42.5 million asking price.

The buyer, the unit’s first owner, was not identified.

Inside 520 Park Avenue (Instagram via Tal Alexander)

Inside 520 Park Avenue (Instagram via Tal Alexander)

The penthouse is the highest full-floor residence in the 64-story, 781-foot-tall building on Billionaire’s Row southeast of Central Park. Many units in the condominium have sold for considerably less than the listed price.

Zeckendorf initially wanted $130 million for one of the building’s penthouse units, before splitting it in two and pricing one for $40 million and the other reportedly between $80 million and $100 million.

While most buyers at 520 Park Avenue have concealed their identities behind LLCs, property records show the building, which has a sellout of $1.25 billion, has sold at least 43 units to a gaggle of uber-wealthy residents.

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In 2019, vacuum mogul James Dyson sucked up a 60th floor penthouse for $73.8 million, about $10 million below the asking price for the 9,000-square-foot apartment. Similarly, billionaire Frank Fertitta, former co-owner of the Ultimate Fighting Championship mixed martial arts company, paid $67.9 million for his penthouse, which was listed for $79 million.

Last year, a three-bedroom condo sold for $36 million — or $7,778 per square foot — to Gil-Haim Agmon and Orit Alster Ben Zvi. Agmon is the CEO of an Israeli autoparts holding company called Delek Automotive Systems.

That unit was initially part of a 9,100-square-foot duplex that was split into two units in response to the soft luxury market preceding the pandemic.

Penthouse 62 offers panoramic views of Manhattan and Central Park. The spacious living room has hardwood floors and oversized windows. The all-white kitchen with black appliances has two ovens and marble countertops.

Tal Alexander, an agent at Douglas Elliman, said on his Instagram page that his clients were the buyers and “acted quickly” to assess the city’s ultra-luxury market along Central Park and close the sale.