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]


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