The newest proposed tower of the bunch, 520 Park Avenue, is being developed by the Zeckendorf’s, the same team behind 15 Central Park West, 18 Gramercy Park and 50 United Nations Plaza. Its’ 31 units will rise only 51-stories, making it by far the shortest of the bunch. However, given that it sits on a prime mid-rise block in the Upper East Side, on 60th Street between Park and Madison Avenues, apartments will have great views of Central Park and the city while, at the same time, being in a traditional New York neighborhood.
The building design will take cues from New York’s grand apartment buildings from the 1920s and 1930s, as well as modern interpretations of these bygone apartment buildings, such as 15 Central Park West, 220 Central Park South and The Four Seasons Private Residences Downtown NY, which also were designed by the same architect, Robert A. M. Stern. The building’s floor plate is small in comparison to some of its competitors, allowing for 4-bedroom full floors of 4,600 square feet, as well as ten 6-bedroom duplexes of over 9,200 square feet.
Given the pedigree of this building, such as its superb location, successful developer, the Zeckendorfs, and revered architect Richard A.M. Stern, there is no doubt that this building will be successful with the UHNWI crowd. According to Commercial Property Executive, apartments are expected to range between $6,000 and $10,000 per square-foot. An entry-level apartment starts at $27 million. The 12,400 square foot triplex penthouse will be priced at well over $100 million, according to the Wall Street Journal. Sales are commencing imminently. With such a small floor plate, we don’t expect a ton of amenities in the style of 432 Park Avenue or 15 Central Park West - and, there is no motor court. But, the location is excellent! Occupancy anticipated in 2017. 520 Park Avenue is exclusively marketed by: Zeckendorf To learn more about each of the Ultra-Luxury 7 buildings developing along the 57th Street corridor, click on the links below:
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- 432 Park Avenue
- Tower Verre (aka MoMa Tower)
- 111 W 57th St.
- 157 W 57th St. (aka One57)
- 225 W 57th St
- 220 Central Park South