A full-floor penthouse at 520 Fifth Avenue, the 88-story tower currently reshaping Midtown’s stretch of Fifth Avenue, has reportedly closed for about $11.5 million. The sale ranks among the priciest residential deals so far at the new Rabina development as the building edges toward welcoming its first residents.
According to Crain's New York Business, the penthouse changed hands for roughly $11.5 million. The Real Deal shows a recorded sale for a roughly 2,600-square-foot, three-bedroom, full-floor unit at 520 Fifth to a trust linked to Michael Hormel, with that filing coming in at just under $11 million.
The Unit And The Price
The building’s press page lists Penthouse 80 as a full-floor residence of about 2,562 square feet with 13-foot ceilings, premium marble finishes and private outdoor space. The highest penthouses were marketed with an $11.5 million ask, with the pitch centering on full-floor privacy and panoramic skyline views as the key selling points.
Where 520 Fifth Fits In The Skyline
Designed by Kohn Pedersen Fox and developed by Rabina, 520 Fifth rises roughly 1,000 feet and is being promoted as the tallest mixed-use tower on Fifth Avenue. The project combines about 100 residences with boutique office floors and a private members’ club, a mix the developer says is aimed at buyers who want hospitality-style living planted firmly in Midtown.
Sales Momentum And Leasing
Rabina’s marketing materials say the building has been moving through its inventory at a brisk clip, with many residences either sold or in contract. On the commercial side, the tower has also been landing office tenants, with Commercial Observer reporting several finance and tech firms signing leases, a combo developers argue helps underpin demand for the condos upstairs.
The Real Deal also notes that Corcoran Sunshine is handling sales at 520 Fifth, and the recorded closing will slot into a run of high-end contracts reshaping Midtown’s condo inventory. Market watchers will be keeping an eye on whether the remaining penthouses trade in the same ballpark as more deals show up in city records.
