520 Park Avenue unit sells for $22M in rare resale
Zeckendorf-developed unit closed for $1.5M more than sponsor sale
Unit 23 closed today for $21.5 million to an unknown buyer, according to Casa Blanca managing director Louis Buckworth. The deal for the 23rd-floor unit marks the third resale transaction in the building and the first to go for more than the sponsor sale.
The unit sold for just over $20 million in 2018, according to property records, to a buyer whose name was shielded behind a shell company called Kaysirp, LLP.
Of the previous two resales in the 35-unit building, one closed at asking and one sold to an acquaintance of the seller at a loss.
Buckworth, who represented the seller was sales director at the building until last February, when he left to join the startup brokerage.
Unit 23 spans 4,600 square feet and has four bedrooms and five bathrooms. It has marble floors, 11-foot ceilings and offers unobstructed views of Central Park and the city skyline. It also has a library, formal dining room and primary bedroom with floor-to-ceiling bay windows.
The unit initially listed for $22.5 million in 2020 with Serhant and re-listed in 2021 for $23 million with Corcoran’s Carrie Chang.
Buckworth, who declined to identify the buyer or the seller of Unit 23, said resales have been rare at 520 Park Avenue because it’s the only Billionaire’s Row building located on the Upper East Side.
“It’s a much more residential location,” Buckworth said. “It’s all primary residences.”
The 54-story boutique condo building, developed by Zeckendorf Development and designed by architect Robert A.M. Stern, began closings in September 2018.
The building has scored some of Manhattan’s most expensive sales with trades to some of the wealthiest people in the world. But units at the building have largely sold for considerably less than their listing prices, with buyers including British billionaire James Dyson and billionaire investment banker Ken Moelis closing on units for $10 million off asking.