Biotech billionaire pays $26M for 220 CPS pad

54th-floor pad traded for $8,131 psf

TRD New York /
Nov.November 27, 2019 04:15 PM
 Li Ge and 220 Central Park South (Credit: WuXi Biologics and Getty Images)

Li Ge and 220 Central Park South (Credit: WuXi Biologics and Getty Images)

The founder of a major Chinese biotech company is the latest billionaire to call 220 Central Park South home.

Records show an entity linked to Li Ge, chairman of WuXi Biologics, forked over $26.2 million for a 54th-floor pad at the limestone tower. The deed was signed by Li’s wife, Ning Zhao.

The billionaire, who is worth an estimated $5.1 billion, according to Forbes, earned a PhD in organic chemistry from Columbia University and co-founded WuXi PharmaTech in 2000. The company, which supplies services to pharmaceutical and medical device companies, went public in 2007.

According to the listing, the unit has three bedrooms and measures 3,222 square feet. It was originally asking $27.5 million, according a description provided by the Corcoran Group. The purchase price works out to $8,131 per foot.

The discount is a rare phenomenon at 220 Central Park South, which has had an enviable run of late. However, sales launched in 2015 and many deals went into contract before the luxury market softened. Closings began last year.

In January, Citadel’s Ken Griffin paid a record $238 million for the condo’s top penthouse, a quadplex measuring 23,000 square feet.

In July, Sting and his wife, Trudie Styler, closed on their $65.7 million penthouse at 220 CPS.

Other buyers include David Mandelbaum, an early Steve Roth backer and Vikings owner, Paramount Group’s Albert Behler, British construction heiress Renata de Camargo and Daniel Och of Och-Ziff Capital Management.


Related Articles

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

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

“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

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue
731 Lexington Avenue and 410 East 61st Street (inset) with Vornado's Steve Roth (Googel Maps; VNO)

Home Depot eyes former Bed Bath & Beyond space on First Ave

Home Depot eyes former Bed Bath & Beyond space on First Ave
220 Central Park South and Steve Roth (Google Maps, Getty)

Another 220 Central Park South condo sells for $61.6M

Another 220 Central Park South condo sells for $61.6M
(iStock)

Remote work threatens cash flows for office REITs

Remote work threatens cash flows for office REITs
220 Central Park South and Vornado chairman Steven Roth (Credit: Google Maps and Getty Images)

Mystery buyer closes on 220 Central Park South pad for $62M

Mystery buyer closes on 220 Central Park South pad for $62M
Vornado CEO Steven Roth and TheMART (Getty, VNO)

What tenants are paying at Vornado’s theMART in Chicago

What tenants are paying at Vornado’s theMART in Chicago
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...