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NYC’s Most Expensive Condo to Be Listed at $130 Million

NYC’s Most Expensive Condo to Be Listed at $130 Million

A triplex penthouse at Zeckendorf Development Co.’s tower under construction on Manhattan’s Upper East Side will be offered for sale at $130 million, making it New York’s most expensive apartment listing.

The 12,394-square-foot (1,151-square-meter) property will span the top three floors at 520 Park Ave., where sales will begin the first quarter of next year, Arthur Zeckendorf said in an interview today.

The tower’s offering plan, which details units for sale and their prices, was approved by the New York State attorney general’s office last week, allowing the developer to begin marketing the 31 apartments, Zeckendorf said. The building, between 60th and 61st streets, will include seven duplexes of about 9,138 square feet each, starting at $67 million, according to the plans. Single-floor units of about 4,600 square feet will start at $16.2 million.

The triplex would be the most expensive listing for an apartment in New York history, Jonathan Miller, president of appraiser Miller Samuel Inc., said in an interview.

“In the best-case scenario, it is providing a bold stroke to the market, implying that there are buyers out there for this price point,” said Miller, who is also a Bloomberg View contributor.

Woolworth Building

In plans filed with the attorney general’s office, developers of condos at lower Manhattan’s landmark Woolworth Building said they were seeking $110 million for the penthouse atop the 58-story tower.

The triplex at 520 Park Ave., slated for completion in 2017, will be the largest on the Upper East Side, Zeckendorf said. The unit also has a 1,257-square-foot terrace with views of Central Park to the north.

“We wanted to create what we consider the greatest apartment on the Upper East Side,” said Zeckendorf, co-chairman of the development company with his brother, William Lie Zeckendorf.

The asking price works out to about $10,000 a square foot, which is the average resale price of condos that face the park at the Zeckendorfs’ 15 Central Park West, he said. At that complex, on the Upper West Side, former Citigroup Inc. Chairman Sanford Weill sold his penthouse for $88 million in 2012, Manhattan’s most expensive completed residential deal.

(Updates with comments from developer starting in seventh paragraph.)