The Real Deal New York

Arel Capital exec is the latest to close on a 220 CPS pad

Richard Leibovitch paid $26.2M for the 31st-floor pad, records show
By Meenal Vamburkar | December 10, 2018 05:00PM

Richard Leibovitch and 220 Central Park Avenue

A real estate investment executive whose firm has made plays in New York City is the latest to close on a unit at 220 Central Park South.

Richard Leibovitch, a founding partner at Arel Capital, closed on a $26.2 million apartment at Vornado Realty Trust’s luxury supertall, according to records filed with the city’s Department of Finance on Monday. Leibovitch bought the unit through an LLC, records show. He declined to comment on the transaction.

The four-bedroom, 4.5-bath unit on the 31st floor spans about 3,700 square feet and was first listed for $24.75 million, according to the offering plan.

Leibovitch is certainly familiar with the New York market. His firm, headquartered in New York, partnered with Madison Realty Capital on the $136 million purchase of a multifamily complex in Rego Park. It’s also invested in about a dozen other real estate projects in New York, according to its website.

Closings started at the Vornado Realty Trust project in October. The first unit to close went to an anonymous buyer who paid $14.63 million. In November, Chinese buyers bought Unit 26A for $13.3 million.

Vornado is looking at $1 billion in profits from the building, which was 83 percent sold as of Sept. 30, the company said in October. Vornado said roughly 98 of 118 units were in contract — with closings are scheduled through 2020.

Corcoran Sunshine Marketing Group is handling sales at the Robert A.M. Stern-designed luxury building.