Richard Leibovitch wants $10M more for the 220 Central Park South home he bought a year ago

Arel Capital co-founder dropped $26M for 31st-floor condo in December 2018

Jan.January 21, 2020 06:37 PM
220 Central Park South and Richard Leibovitch, co-founder of Arel Capital (Credit: Arel Capital)

220 Central Park South and Richard Leibovitch, co-founder of Arel Capital (Credit: Arel Capital)

What might end up being the first resale at the Billionaires’ Row tower 220 Central Park South is up for grabs — and the seller is seeking $10 million more than what he paid for it just a year ago.

Richard Leibovitch, who co-founded Arel Capital, shelled out $26.2 million for unit 31A at the ultra-luxury, 70-story tower in December 2018. Now, he wants $36 million for the 3,703-square-foot condominium, according to the listing. That’s roughly 24 percent higher than the unit’s offering price of $28.95 million, according to an amended 2016 offering plan for the building.

Should the unit sell at its current asking price, that would work out to $9,722 per square foot.

A message sent to Leibovitch through his firm was not immediately returned.

Corcoran Group’s Manju Jasty has the listing, which appears on Compass’ platform and Corcoran’s website, but not on StreetEasy. The listing appears to be the only resale at the building, and possibly the first on the market, though it is not clear if brokers are shopping around other already-acquired units at the building behind the scenes.

Jasty declined to comment on why her client put the home on the market, but she said the higher price tag includes more than just the four-bedroom condo, such as a parking space and storage unit.

The unit has unobstructed views and is in a highly sought-after building, she added.

“We’ll see what the market will bring in,” Jasty said.

It was not clear how much Leibovitch paid for a storage unit and parking space at the building, but the offering price for the most expensive storage units was $211,000, and the offering price for parking spaces was $750,000, according to the offering plan.

It is not uncommon for someone to buy an apartment off floorplans and then decide to sell soon after closing, said Donna Olshan, president of Olshan Realty. Some buyers pick up condos hoping to flip them for a profit. Others may see their plans change in the years between inking a contract and closing a deal. Some people just end up not liking their new unit, she said.

“People who can afford units have 220 Central Park South are rich and generally have plenty of options,” she said.

Resales at other Billionaires’ Row buildings have garnered much attention. At Harry Macklowe and CIM Group’s 432 Park Avenue, one unit has traded hands four times in the span of three years. The half-floor unit 65-A was most recently listed at a $3 million discount to the $27 million price tag that the sponsors originally sold it for.

The building has been one of the most active properties on Billionaires’ Row for resales in recent years.

The ultra-luxury condo market has been slumping along, with many units selling at discounts to their asking prices.

Jasty said 220 Central Park South is an exception: “There are a lot of new development units that just sit with their lights off. I think this is, in my view, a different category,” she said.

Vornado Realty Trust, the building’s developer, had recently made several pricey closings at the 117-unit tower. The developer has so far closed 63 condos, including guest/staff units, for $1.8 billion, according to an analysis by The Real Deal.

In December there were three deals that came in well over the $50 million mark, including the almost $93 million sale of a unit to hedge funder Daniel Och. There also are five units up for rent at the property, with rents ranging from $34,950 to $99,000, according to StreetEasy.

Write to Mary Diduch at [email protected]

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