Park Avenue’s New Development Market: What’s on the Horizon

Park Avenue’s New Development Market: What’s on the Horizon

The new development and conversion market on Park Avenue is primarily centered on just a few buildings. Some of the new development is comprised of older rental buildings which have been converted to condominiums, and the others (now four) are notable new buildings. Park Avenue is seeing reasonably strong buying activity in new development: in the last six months there were 7 closed sales at 737 Park Avenue, 10 sales at 530 Park Avenue and sales are in process at 432 and 1010 Park Avenue. Below is a review of what is currently on the market, as well as what is on the horizon in new development on Park Avenue. Only two of these new buildings are above 75th Street.

432 Park Avenue
432 Park Avenue is the second-tallest building in New York City and will be the tallest and the first luxury residential mega-tower in the Western Hemisphere. The building has redefined the skyline and is adding to the 57th corridor, which is hailed as “Billionaire’s Row.” Apartments will not close until late 2016 or later. The active Penthouse listings are hovering close to $10,000 per square foot!

520 Park Avenue
When 520 Park Avenue’s 12,394 square foot penthouse triplex hits the market, it could be the most expensive apartment in the city with an asking price of $130 million. The 54-story, 31-unit condo tower developed by Zeckendorf Development and designed by Robert A.M. Stern is scheduled for completion in 2017. Four units hit the market this spring ranging in price from $16.6M to a $70M duplex Penthouse.

530 Park Avenue
530 Park Avenue is an exceptional pre-war condominium conversion (converted from a rental building) featuring classic interiors designed by William T. Georgis, one of Architectural Digest’s “Top 100” design firms. Closings began in December 2013 with sale prices averaging $1,792 per square foot.

737 Park Avenue
Renovation is also in the final stages at Harry Macklowe’s Art Deco condo conversion of 737 Park Avenue (a former rental building), where half the units have been sold. There have been 44 closed sales over the last 18 months ranging from 1,330 to 6,003 square feet ($3,530,624 – $32,658,763). The highest-priced sale was an 11-room penthouse.

807 Park Avenue
Aion Partners has owned 807 Park Avenue since 2004 and had a very difficult time selling the condos. The developer is planning to take down the 7-story addition, preserving the original 5-story structure and reconstruct a new 12-story building, which was just recently approved by the Landmarks Commission.

1010 Park Avenue
Extell is planning to build a16-story condominium where the Park Avenue Christian Church rectory and parish hall stand. Although there have been issues because of the height with the Landmarks Commission, the plans seem to be moving forward. 1000 Park views will be impacted by this contruction.

1110 Park Avenue
The Toll Brothers’ luxury condo building at 1110 Park Avenue with nine residences features Barry Rice- and Christopher Peacock-designed interiors. The building’s 7,000 square foot penthouse is asking $35 million and features a 1,738 square foot rooftop terrace. Constrution continues and closings are expected in late 2016.

The Waldorf Astoria
Earlier this year it was also announced that the Waldorf Astoria Hotel is planning on renovating and converting the two towers into luxury residential homes. The timeline has not been announced.

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