The Real Deal New York

These Chinese buyers upgraded from 15 CPW to 220 CPS

Unit 26A at Vornado's tower went for $13M
By Meenal Vamburkar | November 08, 2018 05:09PM

15 Central Park West (left) and  220 CPS (right) (Credit: iStock)

Vornado Realty Trust’s 220 Central Park South has another closing on the books, and the latest buyers apparently wanted to move up from the original “Limestone Jesus,” 15 Central Park West.

Chinese buyers Fong Chi and Zhen Zhong Li bought Unit 26A for $13.3 million, according to property records filed with New York City’s Department of Finance. The couple previously owned Unit 5E at Robert A.M. Stern-designed 15 Central Park West, which they purchased for $5 million and sold in November 2016 for $12.25 million.

According to the offering plan, Unit 26A, originally listed for $12.8 million, spans roughly 2,300 square feet.

Last month, Vornado said it’s forecasting $1 billion in profits from the building, which is 83 percent sold. Of the 118 units, about 98 are in contract, according to the company. And closings are scheduled through 2020. That marked the company’s first update on the project since 2015 — and comes as luxury sales have slumped.

Excluding the land cost of $515.4 million, the project’s total construction cost is $1.4 billion — or nearly $5,000 per square foot. According to the state attorney general’s office, the building’s total sellout is $3.4 billion.

In October, an anonymous buyer became the first to close on a unit at 220 Central Park South. Great Lawn Holdings LLC paid $14.6 million — roughly the asking price — for a three-bedroom unit, according to public records.