Trump Park Avenue
502 Park Avenue
New York, NY
- 1 Bedroom from $379,000 to $2,600,500 updated 01/25/2012
- 2 Bedrooms from $2,100,000 to $11,500,000 updated 01/26/2012
- 3 Bedrooms from $5,200,000 to $14,449,500 updated 01/26/2012
- 4 Bedrooms from $125,000 to $51,000,000 updated 03/23/2011
- 5 Bedrooms from $31,000,000 to $33,000,000 updated 01/26/2012
- 6+ Bedrooms from $23,535,600 to $35,000,000 updated 11/06/2011
Overview
About Trump Park Avenue, 502 Park Avenue
One of Park Avenue's most distinctive towers, this 32-story building was erected in 1929 and designed by Goldner & Goldner.
It has had a varied life.
Originally known as the Viceroy Hotel, its name changed not long after it opened to the Cromwell Arms and then to Delmonico's after the fabled restaurant that moved into it after a succession of uptown moves on October 1, 1929, a few weeks before the stock market crash.
Built at a cost of about $5 million, the 525-room property was sold at auction in 1936 for 1.8 million.
Over the years, it switched from hotel use to rental to cooperative and back to hotel use and then in 2005 to condo use.
In 2002, Donald Trump acquired the property from the estate of Sarah Korein for $115 million and started its $80 million conversion to condominium apartments while changing its name to Trump Park Avenue. The sale did not include a small adjoining building at 59 East 59th Street that was being donated to a private foundation for use as a not-for-profit theater.
Trump Park Avenue has a duplex penthouse with 17-foot ceilings and 42 oversized arched windows that had a price tag of $30 million.
In "Park Avenue, Street of Dreams," published in 1990 by Athenaeum, James Trager wrote that the building had an apartment "that was called the highest-priced apartment in the world, a fifteen-room triplex occupying the three top floors and rented for $3,750 a month."
Most of the residential rooms, however, were quite small, but tenants in 1935, when the building was already in default on its bonds, included former New York Governor Charles S. Whitman and Oliver Harriman, Trager noted.
William Zeckendorf Jr. bought the hotel in 1975 and converted it back to a 193-unit rental apartment building and greatly improved the building's image by leasing space to Christie's, the auction house, and Regine's, the expensive disco and restaurant run by Regine Choukroun.
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