520 Fifth Avenue Condominium

The Building

Fine Print

What's Specific to It

• A private club in the building, paid for by owners. A sponsor affiliate is expected to own the club unit and another affiliate to run it. Each apartment gets up to two memberships, bought in bulk by the condo board. The plan budgets about $1,000 per person, or $200,000 a year. The sponsor pays this cost for the first year only.
• The club is open to the public. The plan expects the club to sell memberships to the general public too. It warns of parties and events that may run into the early morning, with music and food service.
• Most amenities belong to the club, not the condo. The gym, pickleball court and spa pools are in the club unit. The condo's own amenity floor is a set of small rooms on floor 88.
• Non-union staff. Wages don't meet the city's prevailing wage rules. The plan warns that owners may not qualify for the co-op and condo tax abatement because of this.
• Owners buy the manager's apartment. Unit 61A is sold to the board for $3,175,000 as the resident manager's home. Each buyer pays a share of that price at closing, roughly $18,000 to $83,000 depending on the unit.

Listing photos of 520 Fifth Avenue show you the views. The offering plan, the document the developer filed with the New York Attorney General, tells you how the building will be run and what you agree to when you buy. New to these documents? Start with what a condo offering plan is.

Fine Print Worth Knowing

• Sponsor control. The sponsor controls the board for up to five years after the first closing. While it owns at least 25% of units, the board can't change staffing, add reserves or borrow without its consent.
• Resale fee in year one. For 12 months after the first closing, you can't list your unit without the sponsor's consent. If you sign a resale in that window, you owe the sponsor 50% of your profit.
• Lot line windows. North-facing windows on many floors, 42 to 61, 63 to 65, 69 to 73 and PH74 to PH80, face a neighbor's lot and could be closed up, at the owner's cost of about $5,000 a window. West-facing windows are protected by recorded light-and-air easements.
• Penthouse fire doors. Each full-floor penthouse's private elevator lobby doubles as a fire exit route. Owners must keep it clear and pay for its upkeep.
• Tall-building quirks. A tuned mass damper near the top reduces sway, and the plan makes no promise about its noise. A window-washing rig on the roof may block views when in use.
• Contract terms. Deposits are 10% at signing and another 10% later (20% after the plan is effective). Late closings cost 0.03% of the price per day. You waive a jury trial and must keep the contract confidential.
• Floor plans vs. permits. At filing, the building's approved drawings didn't yet match the floor plans in the offering. The sponsor said it would fix this before closings.

FAQ

Do owners at 520 Fifth Avenue have to pay for the club?

Yes. The board must buy up to two memberships per apartment and pass the cost through common charges, about $200,000 a year in the first budget. The sponsor covers the first year only, and you can't opt out to lower your charges.

How much are common charges at 520 Fifth Avenue?

In the first-year projection, about $1,400 to $6,400 a month depending on the unit, with estimated taxes of about $1,200 to $5,500 a month on top. Expect both to rise once the club subsidy ends and the building is fully assessed.

Does 520 Fifth Avenue have a pool?

Not a lap pool. The club unit is planned to have a vitality pool about 24 feet long, a whirlpool and a cold plunge. They belong to the club, not the condo, and the plan doesn't guarantee they'll be built or run.

Where this comes from: the building's offering plan (CD230148), filed with the New York Attorney General, including its Schedule A price list and Schedule B first-year budget. The plan has 12 amendments that weren't reviewed here, so prices, dates and budget figures may have changed. Prices are the sponsor's offering prices, not sales. Updated October 2026.