This Chinese hotelier is behind the latest 220 CPS closing

The unit went for $13.5M

TRD 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 Article

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

Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“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

Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

Vornado president Michael Franco and 512 West 22nd Street (Credit: VNO)

WarnerMedia to anchor Vornado’s West Chelsea spec office

Aggressive iBuyer Opendoor acquires title and escrow company

From left: 220 Park Avenue South, 15 Central Park West, 520 Park Avenue, 35 Hudson Yards, Sting, Juan Beckmann Vidal, Daniel Och, Bob Diamond, and Stephen Ross (Credit: Getty Images, Wikipedia, StreeEasy, and Google Maps)

Serial buyers trade “old” condos for new on Billionaires’ Row

Here are 5 takeaways from TRD’s deep dive into Eklund-Gomes’ national expansion

arrow_forward_ios