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Zeckendorfs Buy Air Rights, Address From Park Ave. Church

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The most recent news we heard about William and Arthur Zeckendorf's 51-story condo on East 60th Street was that the developing duo was set to pay a record-breaking price ($600/square foot) for the air rights from Christ Church on the corner of Park Avenue. That was back in February 2013, and now, more than a year later, the deal has finally been sealed. The Post reports that the final bill totals $30,383,370, or $430 per foot, for 70,659 square feet of air rights. The per-square-foot price reaches $602 when the pricing of other benefits are factored in, and it's these other benefits that the Zeckendorfs really waned—mainly, the church's ritzy Park Avenue address. The new condo tower will take the address of 520 Park Avenue from the church for a cost of $30,000 per year for 100 years, and the church will change to No. 522.

The air rights will allow the new building to cantilever over the church, which is not a landmark and not located in a historic district, but we wouldn't be surprised if a preservationist battle erupted over the cantilever. They seem to get people riled up. Building permits are already in place for the new tower, but we haven't been past the site recently, so we're not sure of the exact construction status. Presumably, the former six-story building on the site has been demolished (permits for that were approved last March). Any constrution photos are more than welcome on the tipline. An offering plan was filed with the attorney general's office in January, so it looks like the Zeckendorfs want to start sales ASAP.

The Zeckendorfs are once again working with architect Robert A.M. Stern—the team also created 15 Central Park West and 18 Gramercy Park—and the new building will be a limestone edifice with 31 full-floor, duplex, and triplex units. If sales are as bonkers as they were at the building's big brother on the west side, 520 Park might just be the Baby Limestone Jesus. And if Arthur Zeckendorf has his way, sales will certainly be mindboggling. In an article for Departures, he told author Michael Gross that the building's penthouse will be a 13,000-square-foot triplex with a giant terrace looking north, east, and south, and "when it's offered for sale, it will probably be the most expensive apartment in New York." Breaking records is what these guys do.
· Brothers buy land and air above Christ Church [NYP]
· 15 CPW Developers Pay Record Price for UES Air Rights [Curbed]
Photo of Christ Church at 520 Park Avenue via Google Streetview

520 Park Ave

520 Park Avenue, Manhattan, NY 10065