This Chinese hotelier is behind the latest 220 CPS closing

The unit went for $13.5M

New York /
Nov.November 16, 2018 01:00 PM

220 Central Park South and Steve Roth (Credit: Getty Images)

The latest unit to close at 220 Central Park South went for $13.49 million.

Tong Tong Zhao, co-founder of China Lodging Group, bought unit 27A, according to records filed with New York City’s Department of Finance.

The two-bedroom apartment spans about 2,394 square feet, per the offering plan. It had an offering price of $13.25 million, or $5,534 per square foot.

Closings started at the Vornado Realty Trust project in October. The first was an anonymous buyer who purchased unit 24B for $14.63 million.

Vornado said it is looking at $1 billion in profits from the sale of ultra-luxury units at the project, which is 83 percent sold. In a quarterly filing, the company noted roughly 98 of 118 units are in contract. Closings are scheduled through 2020.

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

Zhao co-founded China Lodging Group, which is a Shanghai-based hotel management company. Zhao was previously general manager of Shanghai Asia-Tang Health Technology Development Company.


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Free and clear: Vornado pays off debt at 220 CPS
Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
Joan Collins and 110 East 57th Street #8EFG (Getty, BHS)

Soap star Joan Collins lists longtime Midtown pied-à-terre

Soap star Joan Collins lists longtime Midtown pied-à-terre
Tommy Hilfiger and his recently sold estate in Greenwich, CT. (Getty, Janet Milligan)

Tommy Hilfiger’s Greenwich estate sells for $45M

Tommy Hilfiger’s Greenwich estate sells for $45M
Jenna Ryan was part of a group who flew on a private plane from Denton, TX, to Washington, D.C., with the intention of joining the protestors (Twitter.com/DotJenna)

Texas Realtor faces criminal charges for role in Capitol attack

Texas Realtor faces criminal charges for role in Capitol attack
Porch CEO Matt Ehrlichman (iStock)

Porch snaps up four startups for over $122M

Porch snaps up four startups for over $122M
Nir Meir Asks Court to Stop Eviction (Google Maps)

Nir Meir seeks to throw out Hamptons ejection suit

Nir Meir seeks to throw out Hamptons ejection suit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...