Back-to-back closings at 220 CPS net Vornado $110M

Deals went into contract more than three years ago

New York /
Apr.April 22, 2020 08:00 AM
220 Central Park South (Credit: Google Maps, iStock)

220 Central Park South (Credit: Google Maps, iStock)

The city is shut down, but pricey closings continue at Vornado Realty Trust’s ultra-luxury condominium at 220 Central Park South.

On April 17, an anonymous buyer closed on a 65th-floor unit for $56.2 million, according to property records. The buyer, who went into contract on the property in 2016, was identified only as an LLC — “G’s Delight.”

Three days before the deal closed, a unit two stories below sold for $53.6 million, according to property records. Purchased through a trust, the property went into contract in 2015.

The high-end deals are the latest of several at the tower this year. In early April, an apartment closed for $52.3 million — near the offering price of $57 million, per a 2019 amended condominium offering plan. The month before, a 5,935-square-foot unit closed for $51.4 million.

The Vornado tower boasts a string of celebrity buyers and has benefited from good timing: Many of the contracts were signed before the market weakened.

Spanning, 5,935 feet, the latest unit to close — 65 — has four bedrooms and five bathrooms. At $56.2 million, the sale chalks up at about $9,479 per square foot. The lower-down unit 63, which has the same square footage and closed a few days earlier, came in at about $9,028 per square foot.

The deals push the building closer to sellout at a time of unprecedented economic disruption.

In a February earnings call, Vornado said 91 percent of the 117 units had been sold, despite “a very soft luxury market.” The following month, the state’s workforce ban prohibited in-person home showings and triggered a swift decline in new contracts.

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


Related Articles

arrow_forward_ios
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
WeWork CEO Adam Neumann (Credit: Getty Images and iStock)
WeWork’s side businesses are fizzling
WeWork’s side businesses are fizzling
Sarah Pontius (Credit: Union College)
Another head rolls at WeWork
Another head rolls at WeWork
Softbank CEO Masayoshi Son and Adam Neumann (Getty/Illustration by Kevin Rebong for The Real Deal)
Adam Neumann, SoftBank near settlement agreement
Adam Neumann, SoftBank near settlement agreement
CBRE CEO Bob Sulentic and Industrious CEO Jamie Hodari (Getty, Industrious/Illustration by Kevin Rebong for The Real Deal)
CBRE acquires 35% stake in flex-office provider Industrious
CBRE acquires 35% stake in flex-office provider Industrious
WeWork CEO Sandeep Mathrani (Wikipedia Commons, iStock/Illustration by Kevin Rebong for The Real Deal)
WeWork slashes rents in some cities
WeWork slashes rents in some cities
The Yard CEO Morris Levy and 8 Herald Square (Google Maps, iStock)
The Yard expands into now-defunct Herald Square hotel
The Yard expands into now-defunct Herald Square hotel
From left: Valon board member Angela Strange, Valon CEO Andrew Wang and Adam Neumann (Photos via Andreessen Horowitz, Valon, Getty)
Adam Neumann invests in mortgage servicing startup
Adam Neumann invests in mortgage servicing startup
arrow_forward_ios

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

Loading...