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 Articles

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

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

56 Leonard Street (Credit: iStock)

He invested more than $130M into 4 Manhattan condos. Now he’s taking a hit

Due to relatively high income levels and low transportation costs, New York City is the eight most affordable of 20 major cities (Credit: iStock)

NYC is the 8th most affordable big city in America*

53 West 53rd Street, 885 Park Avenue, 70 West 45th Street (Credit: StreetEasy)

Five priciest homes to hit the market last week all over $22M