NEW YORK | 520 Park Ave (45 East 60th) | 780 FT | 52 FLOORS

[NYguy]

Originally Posted by antinimby

And even then, most of them will only be occupied part time as in "a few weeks out of the year" part time.

I had read somewhere on the web that referred to these condos as "safety deposit boxes in the sky" and that's really what they are.

I think the tower here will be closer to 15 CPW than One57. But regarding the number of people in a building at any one time, I'm sure the people who can afford it would rather have less people in the building than more. It's a non-issue.

The building at 15 Central Park West has its share of pieds-à-terre, real estate professionals say. But the concentration there is not as high as in other brutally expensive buildings, especially those in Midtown that share space and services with hotels, like the Plaza or the Time Warner Center, which shares a building with the Mandarin Oriental.

[ILNY]

[ILNY]

[NYguy]

Can't wait to see the final renders for this one.

[NYguy]

(February 16, 2014)

[Hypothalamus]

New York Post:

Brothers buy land and air above Christ Church
By Lois WeissMarch 3, 2014 | 6:09am


Christ Church at 520 Park Ave Photo: Brian Zak

Tenantwise brokers M. Myers Mermel and Caroline McLain represented the Christ Church at 520 Park Ave., where Mermel was a trustee for part of the 14 years it took to seal a final deal with brothers William Lie and Arthur Zeckendorf. The developers were putting together an assemblage for a new condominium on the north side of East 60th Street between Park and Madison Avenues.

In 2005, after a contentious process, the Grolier Club on East 60th Street agreed to sell its air rights and allow the Zeckendorf’s new building to cantilever over its property.

But the key to the project was obtaining not only the air rights from the church, but also its ritzy corner Park Avenue address.

As the deal broke apart and came together several times over the years, the brokers ensured pricing went up.

The final tab of $30,383,370, or $430 per foot for 70,659 square feet of air rights, was the highest at the time. Final pricing with other benefits will total $602 a foot, and as a comp, will affect air rights prices in the future Midtown East Rezoning area.

The church will also get some perks including a new 60th Street sidewalk and maintenance, new façade lighting and payment of that electric bill.

Public records show the church will change its own address to 522 Park Ave. while receiving $30,000 per year for 100 years to give up No. 520. This should provide millions of dollars more in lucrative condominium sales for the Zeckendorfs’ 31-unit, 51-story project of 178,578 square feet designed by Robert A.M. Stern.

Mermel and McClain also oversaw the approvals for the entire package that needed to be obtained from the trustees, the congregation, the denomination itself, the New York State Attorney General and the New York State Supreme Court.

[ILNY]

[599GTO]

New Tower to Join 'Billionaires Row'


Park Avenue soon will have a new limestone tower to join the ranks of the street's architecturally noteworthy buildings, from Lever House to the Seagram Building.


A rendering of 520 Park Ave., one of at least eight condo towers in the works near or along 57th Street. Zeckendorf Development LLC and Seventh Art

Unlike those glass office buildings in the modern International Style, the 51-story building at 520 Park Ave. will feature vertical mansions clad in traditional stone at the edge of a neighborhood real-estate people have begun to call "Billionaires Row."

The would-be district of the uber-wealthy extends from Broadway on West 57th Street to Park Avenue, as well as to a few other midtown locations.

The building will join at least seven other condominium towers under construction or planned near or along 57th Street in Midtown, raising a concern by some brokers too many mega-condos may be coming on line in what has been the city's hottest real estate sector.

It also will have a penthouse priced at considerably more than $100 million, according to a person familiar with the project, making it the city's most expensive apartment.

http://online.wsj.com/news/articles/...911579648.html

[NYguy]

It also will have a penthouse priced at considerably more than $100 million, according to a person familiar with the project, making it the city's most expensive apartment.

A little more from that article...


http://online.wsj.com/news/articles/...911579648.html

The new building at 520 Park, designed by Robert A.M. Stern, the dean of the Yale architecture school, was assembled by brothers Arthur and William Lie Zeckendorf and much of the same team that created 15 Central Park West.

It grew to 178,000 square feet through the combination of several lots and the $30.4 million purchase of air rights from Christ Church at East 60th Street and Park Avenue.

It also purchased the right to cantilever over much of the Grolier Club, a club of bibliophiles on East 60th Street. The developer obtained additional building rights by providing funding to build affordable housing on the Upper East Side as well as meeting the requirements of a city green building program, Arthur Zeckendorf said.

The smallest of the tower's 31 apartments will sprawl over full floors of about 4,600 square feet. They will each have their own elevator landings and are set to list at $27 million or more. There will also be seven duplex apartments, each with six bedrooms. The largest apartment, a 12,400-square-foot triplex with a private terrace, will be priced at as much as $10,000 per square foot.

A rendering circulated to lenders showed an 85-foot wide building with views of Central Park. It has floor-to-ceiling windows of varying sizes topped by another detail recalling buildings built in Manhattan before World War II: a temple-like structure on the roof to hide a water tower and mechanical equipment. "Our market is probably a lot of people who could get into a co-op, but don't want to live in a building that is 95 years old," Mr. Zeckendorf said

In the new project, the Zeckendorfs formed a development company with two groups of real-estate investors: Rafael and Ezra Nasser, who had earlier purchased a six-story office building on the site with the Zeckendorfs; and Israeli investor Eyal Ofer, who had owned another building there. Foundation work is under way and the apartments are scheduled to go on the market in several months.

.....Although the new building will have a Park Avenue address, now used by the church, its entrance will be located a few doors down from Park, on East 60th Street, toward Madison Avenue.

[antinimby]

Very nice. A good crown makes all the difference in the world.

[Crawford]

Another Limestone Jesus.

[scalziand]

Ah, finally a proper rendering. Pretty much what I expected, considering the massing diagrams and it being by Stern. Love having another proper detailed crown.

[reencharles]

Amazing. Really impressive. I'm happy with this design. Now, I hope that the design of 220 CPS is as good as the first render.

[NYguy]

Originally Posted by 599GTO

Not bad, I want more renders. The details set this one apart.

[Blaze23]

Nice tower. Nothing great like 220CPS but it will fit perfectly with its surrounding.

[SkyscrapersOfNewYork]

expect more here but ill take it.

[nomad11]

It would be cool if the four corners at the top were 'sharper'...almost like mini spires. Still a nice building

[tyleraf]

Looks nice. I'm glad to see some buildings going up that still reflect old New York alongside the modern super towers going up throughout the city.

[NYguy]

A few more details...


http://ny.curbed.com/archives/2014/0...ark_avenue.php

Details, Rendering Revealed For Zeckendorfs' 520 Park Avenue





Tuesday, March 25, 2014
by Jessica Dailey

New York's newest super expensive condo tower has revealed itself to the world. Today the Journal brings us a (small) rendering and oodles of details about the planned 51-story tower on East 60th Street and Park Avenue. Designed by the limestone-loving architect Robert A.M. Stern, 520 Park will have just 31 units, one of which will be a mega penthouse "priced at considerably more than $100 million." Obviously. It will be a 12,400-square-foot triplex with a private terrace and will likely be priced at more than $10,000 per square foot. The "smallest" of the units will clock in at 4,600-square-feet, and they will each have a private elevator landing. And prices will start around, brace, $27 million.

A tipster sent along some details about the building's amenity spaces. There will be a 5,000-square-foot bi-level fitness center, a 2,500-square-foot "Functional + Performance-Based Training Floor" (what?), a 35-foot "leisure pool," a whirlpool, steam room, sauna, and locker rooms. A rendering of the pool and a few schematic drawings of parts of the apartments are below:

http://therealdeal.com/blog/2014/03/...00m-penthouse/

Zeckendorfs’ 520 Park project to have $100M penthouse
Expected price tag would make it the most expensive top-floor apartment in the city





March 25, 2014
Mark Maurer

Developers William and Arthur Zeckendorf’s planned 51-story condominium tower at 520 Park Avenue will have a $100 million penthouse, the Wall Street Journal reported, citing unnamed sources.

The building is one of eight condo towers in the works in the vicinity of 57th Street in Midtown Manhattan.

[Onn]

As much as I like the art deco and limestone, New York still has a glut of stone buildings already. Needs more glass and steel.