Condo at 220 Central Park South sells for $51M

Vornado Realty Trust in February said the ultra-luxury tower was 91% sold

TRD NEW YORK /
Mar.March 10, 2020 01:30 PM
220 Central Park South (Credit: Google Maps)

220 Central Park South (Credit: Google Maps)

An anonymous buyer has closed on a $51.4 million condo unit at Vornado Realty Trust’s ultra-luxury 220 Central Park South tower, edging the building closer to sellout.

The buyer, identified only as 220 Property Holdings LLC, went into contract for the unit in 2015, according to property records. The deal closed last month.

The 5,935-square-foot unit takes up the entire 61st floor and includes four bedrooms, five bathrooms and two powder rooms.

The buyer was represented by Gary Parker at Spielman Koenigsberg & Parker LLP, who did not respond to requests for comment.

The building has been a rare success story in the troubled New York luxury condo market. But because many of its high-priced units went into contract at the peak of the market, the deals raise questions about whether some closed at prices greater than they would fetch in today’s soft market.

In an earnings call last month, Vornado president Michal Franco said the firm had sold 65 units for total net proceeds of $1.8 billion. After a series of deals in 2019, he said the building was nearly sold out.

Last January, hedge funder Ken Griffin dropped a record-breaking $238 million on a quadplex penthouse at the building. Other big-name buyers include Daniel Och of Och-Ziff Capital Management, who paid nearly $93 million for a 9,800-square-foot penthouse, and musician Sting, who purchased a $65.7 million penthouse.

Write to Sylvia Varnham O’Regan at [email protected]


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