NEW YORK CITY—Adding to what some analysts are calling a “new category” in residential real estate, Zeckendorf Development, Eyal Ofer's Global Holdings and Park Sixty LLC—an entity formed by Rafael and Ezra Nasser—have announced plans to build 520 Park Ave., a 51 story residential tower at East 60th street, between Park and Madison avenues.
The building will join at least seven other condominium buildings under construction or planned near or along 57th street in Midtown, creating an upscale pocket on a new level for the city, according to the Wall Street Journal. "It is a new market category, it is being called Billionaire's Row," says Jonathan Miller, appraiser, market analyst and president of Miller Samuel Inc.
Slated for completion in early 2017—though sales and marketing are starting imminently—and entirely clad in Indiana limestone, the building will feature 31 full-floor residences with expansive interior layouts as well as 4,000 square feet of dedicated residential ground floor space.
There will be 23 full floor apartments of 4,600 square feet each, with 225 feet of exterior exposures and great city views; seven duplex apartments, each spanning approximately 9,100 square feet, and one triplex apartment with 12,400 interior square feet and 1,150 square feet of exterior space. The duplex and triplex apartments will have uninterrupted views of Central Park, the Upper East Side and Midtown.
The full floor units consist of four bedrooms, living room, dining room, spacious kitchen and a family room. The expansive duplex residences consists of a living room, library, dining room, eat in kitchen, family room and 6 bedrooms. A multi-story crown tops the building adding a new dimension to the New York City skyline.
Amenities will include a private, two-story 8,000 square foot world class health club, a 1,800 square foot ground floor private exterior garden, a wine storage space, bicycle storage, private resident storage spaces and a library.
“520 Park Avenue will be a remarkable and sought after Upper East Side residential address,” says Eyal Ofer, chairman, Global Holdings. “We are excited to partner again with Zeckendorf Development in another luxury residential Manhattan development.”
“520 Park Avenue will be an elegant addition to this Upper East Side neighborhood. Robert A.M. Stern again has contributed a building design that echoes the best of New York City architecture in a 21st century development. When we built 15 Central Park West also designed by Robert A.M. Stern, we then wanted to create a similar iconic limestone residence for the Upper East Side,” says Arthur Zeckendorf.
“Working with our partners, Zeckendorf Development and Eyal Ofer's Global Holdings, along with architect Robert A.M. Stern, we are confident that 520 Park Avenue will be a notable and welcome addition to the New York City skyline,” adds Rafael Nasser.
“520 Park Avenue will set a new standard for elegant design on Manhattan's Upper East Side,” notes William Zeckendorf, “and we are certain this luxury residential building will become a landmark in a treasured city neighborhood.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
