Zeckendorf JV to Build 51-Story M-F Tower in Uptown Manhattan
- Apr 02, 2014
A new ultra-upscale residential tower will soon sprout up on Manhattan’s tony Upper East Side. Zeckendorf Development has revealed plans for 520 Park Ave., a 51-story luxury condominium property that will be built in a partnership with Global Holdings Inc. and Park Sixty L.L.C. Clearly, the Manhattan condo market is back.
While prices for the residences have not yet been determined, a spokesperson for the developers told Commercial Property Executive, they are expected to range between $6,000 and $10,000 per square-foot.
Given the anticipated price tags, it’s a select crowd that will vie for the building’s 31 residences.
“This will really cater to the foreign buyers. With a lot of the foreign countries in turmoil there’s a lot of security here and people wanting to invest in the New York market,” Andrew Barrocas, CEO & founder of real estate brokerage firm MNS, told CPE. “But you’ll also see local buyers who are looking for that much space, so don’t count local New Yorkers out; they’re extremely confident in the New York market as well, and they certainly have an appetite for ultra-luxury, ultra-luxe products. It’s really just a sense of security and people wanting to invest in the New York market. It’s very stable. Any time it’s ever gone down, it’s come back and come back with a vengeance and increased even more.”
The homes at 520 Park will include 23 full-floor apartments consisting of approximately 4,600 square feet each, seven duplexes offering 9,100 square feet each, and a single 12,400-square-foot triplex. Size matters.
“It seems like a very deep pool of buyers is looking for large, family-size apartments here in New York,” Barrocas added.
Celebrated architect Robert A.M. Stern is behind the design of 520 Park, which will be capped with a multi-story crown, taking a spot on the famed Manhattan skyline. The high-rise will also feature 4,000 square feet of dedicated residential space on the ground floor, a private 8,000-square-foot health club, a 1,800-square-foot private exterior garden and a host of other amenities to accommodate the needs and desires of the deep-pocketed.
Manhattan is no stranger to über-upscale condominium destinations, but Barrocas believes there are two factors that will make 520 Park stand head and shoulders above the rest–and its height isn’t one of them. The first is the all-important, location, location, location; East 60th St. between Park Ave. and Madison Ave. is a coveted spot.
And then there’s the matter of the Zeckendorf name. The company is responsible for such prominent and successful luxury condominium projects as 15 Central Park West, 18 Gramercy Park and 50 United Nations Plaza.
“They’ve created a national presence from a development standpoint,” Barrocas concluded. “I speak to foreigners who know the Zeckendorf name and feel very confident and assured that they’re going to get a great product that will increase in value. The name carries a lot of weight.”
The doors of 520 Park are scheduled to swing open in 2017.