The Real Deal New York

This Chinese hotelier is behind the latest 220 CPS closing

The unit went for $13.5M
By Meenal Vamburkar | November 16, 2018 01:00PM

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.

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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.