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
Lela Goren and 31 West 11th Street (Getty Images, Corcoran Group)
Developer sued over debts at Downtown penthouse, Hamptons mansion
Developer sued over debts at Downtown penthouse, Hamptons mansion
From left: Robert Reffkin, Masayoshi San, and Ori Allon (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
SoftBank’s losses on Compass were $540M as of August. The brokerage’s stock is down by a third
SoftBank’s losses on Compass were $540M as of August. The brokerage’s stock is down by a third
The Wing's Lauren Kassan with 25 W 39th Street
Coworking startup The Wing shuts down
Coworking startup The Wing shuts down
A photo illustration of Joel Schreiber (right) and 146 West 57th Street (Getty Images, Google Maps)
Joel Schreiber’s Billionaires’ Row apartment faces tax foreclosure
Joel Schreiber’s Billionaires’ Row apartment faces tax foreclosure
Adam Neumann, Society Las Olas at 301 Southwest First Avenue in Fort Lauderdale, and the Stacks on Main at 535 Main Street, Nashville (Getty Images, Stacks on Main, Society Las Olas)
Inside Adam Neumann’s WeWork-ification of residential real estate
Inside Adam Neumann’s WeWork-ification of residential real estate
arrow_forward_ios

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

Loading...