At 220 CPS, three deeds in one day fetch $150M

One buyer snagged a $93M penthouse and $2M guest suite

Dec.December 17, 2019 04:21 PM
220 Central Park South and Vornado chairman Steven Roth (Credit: Google Maps, Getty Images, iStock)

220 Central Park South and Vornado chairman Steven Roth (Credit: Google Maps, Getty Images, iStock)

It’s been a busy day for 220 Central Park South in the city’s property records department.

Another three buyers have closed on luxe pads for $26.8 million, $31 million and — wait for it — $93 million, according to deeds that hit records Tuesday. All of the buyers closed on their purchases between Dec. 3 and 5.

Like many new development deals that are closing these days, two of the buyers went into contract back in 2015 when Vornado Realty Trust first launched sales.

Penthouse 73, which closed for $93 million or roughly $9,490 per square foot, went into contract in May 2015. The 9,800-square-foot aerie was reportedly bought by Daniel Och of Och-Ziff Capital Management, according to the Wall Street Journal. Penthouse 73 was asking $100 million, according to the building’s offering plan. Records show the buyer also picked up a guest or staff condo for $2 million.

Meanwhile, the buyer of Unit 55B, who paid $26.8 million, went into contract in April 2015. The 3,200-square-foot pad was asking $27.2 million, and the final deal comes out to about $8,346 per square foot.

A recent analysis by The Real Deal found the median time between contract and closing at 220 CPS was nearly three years.

Notably, the buyer who scooped up Unit 34A for $31 million went into contract just 18 days prior, on Nov. 15. The four-bedroom pad, measuring 3,700 square feet, was asking $30 million, according to the building’s offering plan. The final sale price works out to roughly $8,372 per square foot.

With 117 units, 220 CPS has a projected sellout of $3.4 billion. It cost $1.4 billion to build, or $5,000 per square foot. It’s expected to generate $1 billion in profits for the real estate investment trust, which plans to invest that money into its Penn Plaza redevelopment.

To date, Vornado has closed on 60 units at 220 CPS valued at $1.7 billion since October 2018, a TRD analysis found. The average sale price was $28.7 million. The smallest deal (for a maid’s apartment of guest suite) was for $1.5 million.

In January, Citadel’s Ken Griffin set a new residential sales record when he snapped up the top penthouse for more than $238 million. Other famous buyers include Sting (who purchased a $65.7 million penthouse) and Albert Behler of Paramount Group.

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