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Residential
New York

Unit at 520 Park Avenue trades for $37.5M

Unknown buyer paid 20 percent more than sponsor sale price

520 Park Avenue and Albert Tylis
520 Park Avenue and Albert Tylis (Robert A.M. Stern Architects, LinkedIn)

Another rare resale at Zeckendorf Development’s 520 Park Avenue has hit the books.

A full-floor unit at the Billionaires’ Row tower sold for $37.5 million in an off-market deal, public records show. An LLC, curiously named Ask 36, paid 20 percent more than the unit’s previous purchase price of $31.5 million in 2018, the Wall Street Journal first reported.

The seller was a company tied to financier Albert Tylis, who formerly served as the president and CEO of NorthStar Asset Management and is a co-founder of the Tylis Family Foundation.

Ryan Serhant represented Tylis in the 2018 deal for the 4,600-square-foot apartment.

The 35-unit building has had just four resales. The third was in January, when a 23rd-floor unit sold to an unknown buyer for $21.5 million, about $1.5 million more than the seller paid in 2018.

The four-bedroom was the first unit in the 54-story tower to fetch more than the sponsor sale price.

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Former sales director Louis Buckworth told The Real Deal earlier this year that resales at the Robert A.M. Stern-designed property have been sparse because of its “much more residential” location in Lenox Hill.

“It’s all primary residences,” said Buckworth, who’s now the managing director at brokerage startup Casa Blanca.

Some Park Avenue and Upper East Side buildings are known for being almost entirely dark at night, as nearly all of their apartments are pieds-à-terre.

Sales launched at 520 Park Avenue in 2015 and closings began in September 2018. By December of that year, Zeckendorf had closed three units for more than $60 million apiece, including an unknown buyer’s purchase of a 9,100-square-foot duplex penthouse for $68 million.

Among the other buyers in the building are billionaire and former Ultimate Fighting Championship owner Frank Fertitta and billionaire investment banker Ken Moelis. Vacuum cleaner magnate James Dyson also purchased a six-bedroom penthouse for $73.8 million.

The condo tower originally included a triplex penthouse priced at $130 million, but the Zeckendorf brothers split the 12,400-square-foot apartment into two units in 2019.

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zeckendorf developmentRyan Serhant