The Real Deal New York

Another 220 CPS unit sells, this time for $23M

Units have been selling at full asking price
By Meenal Vamburkar | February 22, 2019 05:15PM

220 Central Park South

Closings keep coming at Vornado Realty Trust’s 220 Central Park South — and there are still no discounts in sight.

Unit 39A sold for $22.8 million, according to records filed with the city’s Department of Finance. The anonymous buyer is listed as NYK, LLC.

The condo spans 3,114 square feet, according to the offering plan. It was priced at $22.4 million, and eventually sold for $7,324 per square foot. The purchase was financed with an $8.5 million mortgage from Bank of America, records show.

The address of the buyer LLC is tied to Atlantic City real estate player Bruce Kaye and his wife Deborah. The couple a bought a unit at 15 Central Park West in April 2008 for $7.8 million and sold it 17 months later for $11.7 million. They couldn’t immediately be reached for comment.

This deal is the latest in a long list of closings at 220 CPS. Last month, an anonymous buyer shelled out $32 million for two units. Richard Leibovitch, a founding partner at Arel Capital, also snagged an apartment in the building, for $26.2 million. Steve Roth’s real estate firm is looking at $1 billion in profits from sales at the building.

In the fourth quarter, Vornado closed 11 units at the development, totaling $222 million. The company said that as of Feb. 12, it closed on another $290 million worth of 220 CPS product in 2019, mostly from Ken Griffin’s record-breaking $238 million purchase.

Roth told investors that the project would go a long way toward funding its various commercial developments in the Penn Station area.