Mystery penthouse at 220 Central Park South to ask $100M

Vornado makes price adjustments to several other units, AG filings show

Apr.April 08, 2015 02:55 PM

One of the mystery penthouses at 220 Central Park South is now officially listed on the project’s offering plan, and it’s asking $100 million.

Penthouse 73, a duplex on floors 73 and 74 of the Robert A.M. Stern-designed building, will span just over 9,500 square feet with a 713-square-foot terrace. The pad will have five bedrooms, six bathrooms and two powder rooms, according to an amendment to Vornado Realty Trust’s offering plan filed with the Attorney General. The penthouse is asking $100 million, or nearly $10,500 per square foot, according to a copy of the amendment obtained by The Real Deal.

The amendment, dated March 27, still excludes five of the building’s priciest pads, including the top penthouse, which sources said could ask between $150 million and $175 million. The building’s offering plan was approved March 4, as TRD first reported.

In addition to the $100 million penthouse, prices have changed for other units. A 6,591-square-foot pad on the 48th floor, initially asking $55 million, is now priced at $64 million. One floor up, a $60 million condo is now priced at $69 million.

Following the price change, the building’s total sellout is $2.7 billion, compared with the original sellout of $2.4 billion.

The average price per square foot of the listed units is now $7,514, higher than the initial price of $7,374.

The long-awaited building, which overlooks Central Park, is one of several Billionaires’ Row luxury towers with penthouses priced at $100 million or more.

Extell Development shattered the city’s record for priciest condo sale with a $100.5 million sale at One57 last year. Zeckendorf Development is asking $130 million for its penthouse atop 520 Park Avenue, and the Chetrit Group and Clipper Equity will ask $150 million for the penthouse at the Sony Building at 550 Madison Avenue.

Still, even among these projects of what’s being described as “the new gilded age,” 220 Central Park South’s ambitious pricing stands out.

On average, One57 asked $6,888 per square foot; Macklowe Properties and CIM Group’s 432 Park Avenue asked $6,894 per square foot; 550 Madison is asking $4,791 per square foot on average, and 520 Park will ask $6,742 per square foot.

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