500 Park Ave

During the final stages of construction, 500 Park Avenue’s especially expansive residences were promoted as the city’s most expensive. Foreign investors acquired both penthouse duplex units for $9.5 million each (approximately $28.7 million today). The building has been home to actress Joan Crawford, developer Larry Silverstein and other leading entertainment and financial industry figures. Lower-level pied-a-terres divide the floorplates in three whereas the large units are either half- or full-floor residences. All benefit from black anodized aluminum joints that make windows appear infinite as they wrap corners.

Expansive residences with varying degrees of renovation and choice views

Priced at around $1.3 million, one-bedrooms cover a whopping 1,065 square feet of space. Two and three-bedroom residences — averaging 2,000 square feet of space — sell for between $5 million and $8 million, depending on the condition and position in the building. Sprawling 4,667-square-foot four bedrooms can fetch upwards of $13 million. One duplex penthouse, unit PH39/40, last sold for $22 million in 2020. The two full-floor residence is defined by a palatial layout with six en-suite bedrooms, Art Deco-styled galleries, multiple libraries, monumental fireplaces, a grand staircase, and a sizable roof terrace. Like most units, it also frames choice Midtown Manhattan skyline vistas and even partial views of nearby Central Park.

As with any older condo building, the state of renovation varies greatly from unit to unit, with more recent updates reflected in slightly higher prices. On the market in fall 2024 for $3.5 million, unit 24A is a three-bedroom with triple exposures that filter in natural light throughout the day, wide-planked herringbone pattern hardwood floors and brand-new kitchen appliances. Similarly sized and laid-out unit 28A, on the market in fall 2024 for $3.9 million, incorporates an abundance of closets and a separate den that looks out directly onto Central Park South. Given 500 Park Avenue’s position between Midtown and the Upper East Side, the condo is popular with investors and high-net-worth residents maintaining second homes in the city.

Premium amenities and critical centrality

Though 500 Park Avenue might not include the exhaustive list of amenity space some newer development condo buildings aggrandize, it incorporates the right amount of services expected from its discerning clientele. While the office portion of the complex has its own sizable entrance, homeowners and their guests access the building’s residential floors through a separate, concealed lobby. Full-time door attendants and daytime concierges helm the intimate, pink marble-finished lobby. There are also hall porters and an onsite resident manager. The roof terrace has even more stunning views of the surrounding dense urban grid. Though there isn’t an in-building fitness center, there are plenty in the nearby neighborhood. The same goes for parking with nearby garages close to the Queensboro Bridge, a quick access route out of the city, toward LaGuardia and JFK airports but also the highways leading out to The Hamptons. For residents that use public transportation to get around, the Lexington Avenue, 59th Street subway station — served by 4, 5, and 6 and N, R and W lines — is one block away.

The location of 500 Park Avenue stands out because it is near luxury retail along Fifth and Madison avenues. The area also offers premium cuisine and world class cultural venues like the Museum of Modern Art and Carnegie Hall. On the Upper East Side, Park Avenue Armory is a popular venue with a robust program of edgy performances, interactive installations and prestigious art fairs. The main entrance to Central Park and its 843 acres of activity-rich green space is one block west. Its closest attractions include the Wollman ice-skating rink, Central Park Zoo and the picturesque Bethesda Terrace.