According to CNBC's Realty Check writer, Diana Olick, William Lie Zeckendorf, the developer of the most expensive penthouse in 520 Park Avenue in New York City, is confident that the luxury units will sell.
"Everything concerns me, but, very funny, we think we've seen more Chinese buyers in the last 60 days than ever before. I think, frankly, what's unsettled China has made the U.S. that much more appealing," says Zeckendorf.
The tower, which is still under construction, is a collaboration of Zeckendorf and architect Robert A.M. Stern, who earlier teamed up on 15 Central Park West, which opened in 2008.
Zeckendorf revealed last year, but recently declared, that these are still in the right price. The crown jewel will be a 12,400-square-foot penthouse with an additional 1,700 square feet of outdoor space. It has been listed for $130 million.
Slated for completion in 2018, the 54-storey tower will house 33 full-floor units which will have five duplex penthouses. Starting at $30 million, a basic unit will measure 5,100 square feet with 360 degree views. Some units will be better than the others, depending on the floor.
"Probably more likely now than ever. We are seeing more and more interest in New York City from across the world, we're also seeing record-breaking prices being paid by New Yorkers," said Zeckendorf.
The building which is actually located on East 60th Street, between Madison Park Avenues is among the luxury condominiums still being built in midtown Manhattan. According to Zeckendorf, while prices have softened for older and less expensive apartments in Manhattan, the demand for high end ones have not faltered. "Supply is low, demand is high, and the question becomes, on the new development side, what will that do to the overall market? Given the size of our market, I'm not convinced one, two, three, four, five thousand more units is going to impact the overall market, it might impact the submarkets," he said.
It is said that Zeckendorf paid the Christ Church tens of millions of dollars for air rights and its address on the corner of the Park and 60th Street.
