It was said in 2019 that the family behind Zeckendorf Development would wait to get the “highest and best price for the crown jewel” penthouse at their 520 Park Avenue project.
That price appears to be $79 million. A deal for the duplex penthouse that sits atop the 54-story building closed this week in an all-cash transaction, according to a person familiar with the deal.
The closing price for the penthouse, which was never officially listed, works out to $9,500 per square foot for the 8,300-square-foot unit.
The Robert A.M. Stern-designed launched sales in 2015 with a projected sellout of $1.2 billion. The sale of the final penthouse marks the last sponsor sale in the building, which had a total sales volume from its 35 full residences of $1.05 billion, according to a TRD analysis of public records.
Artie Zeckendorf, who runs the firm with his father Arthur Zeckendorf and uncle William Lie Zeckendorf, declined to comment.
An in-house team handles sales at the building. The unidentified buyer was represented by Casa Blanca’s Louis Buckworth and Hannah Bomze, who declined to comment on the deal.
The duplex was initially conceived as a triplex, which at one point was asking $130 million when it hit the market in 2014.
Five years later, the developers split the gigantic home into a duplex covering the top two floors and a simplex below, which sold for $34.5 million in 2022.
The sale is the fourth largest this year, after a $135 million sale at 730 Fifth Avenue (Aman New York) in July, a $117 million deal at 217 West 57th (Central Park Tower), and a two-unit sale at 220 Central Park South for $81 million in June. It was later revealed that developer Vlad Doronin was the buyer of his own unit at Aman New York.
The five-bedroom, six-bathroom home has 15-foot ceilings on both floors and 1,218 feet of outdoor space across a balcony on the lower floor and a terrace on the top floor.
The building has four other duplex penthouses, all of which have 11-foot ceilings on the bottom floor and 15-foot ceilings on the top floor.
Those penthouses have garnered impressive sales numbers in their own right, and some famous residents to boot.
In 2018, vacuum cleaner mogul and British billionaire James Dyson bought a 60th-floor duplex penthouse for $73.8 million, the priciest deal in the building until now.
Also in 2018, a 56th-floor penthouse sold for $67.9 million to an undisclosed buyer, which was rumored to be billionaire Frank Fertitta, former co-owner of the Ultimate Fighting Championship mixed martial arts company.
The other two duplex penthouses, on the 54th and 52nd floor, closed for $64.3 and $62 million, respectively. The 52nd-floor unit sold in 2018 to billionaire investment banker Ken Moelis.
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