Corona-what? Two condos at 220 Central Park South fetch $109M

Vornado has pandemic problems, but lucrative tower contracts predated virus

New York /
Jul.July 24, 2020 01:15 PM
220 Central Park South and Vornado chairman Steve Roth (BrillLyle via Wikpedia, Getty)

220 Central Park South and Vornado chairman Steve Roth (BrillLyle via Wikpedia, Getty)

It’s been another solid month for big-ticket sales at 220 Central Park South.

Deals for two condo units at Vornado Realty Trust’s Billionaires’ Row tower closed this month for a combined $109 million. Both buyers are unnamed in property records.

The pricier of the four-bedroom units, on the 68th floor, traded for $55.5 million. The buyer, a foreign limited liability company KMZM LLC, went into contract for the property in October 2018.

The 5,935-square-foot unit was listed at $60 million, according to the most recently amended condo offering plan. Vornado increased the price from the original offering plan’s asking price of $51.5 million. The sale closed July 21.

A week earlier, a unit of the same size on the 64th floor closed for $53.9 million. Purchased through an LLC, it went into contract in 2015. The final listing price for the four-bedroom pad was $58 million, up from the original $49 million.

A similar pair of deals closed in April for a combined haul of $110 million. Those transactions were on the 63rd and 65th floors. Weeks earlier, sales of units on the 61st and 62nd floors closed.

Vornado’s luxury condominium continues to be a cash cow for the real estate investment trust as the coronavirus pandemic has forced a massive writedown on some of its retail properties. In the second quarter, the REIT reported a $49 million after-tax net gain from sales at 220 Central Park South.

Write to Erin Hudson at [email protected]


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)
Free and clear: Vornado pays off debt at 220 CPS
Free and clear: Vornado pays off debt at 220 CPS
At record-breaking 220 Central Park South, a unit just closed at $6,400 a foot
At record-breaking 220 Central Park South, a unit just closed at $6,400 a foot
At record-breaking 220 Central Park South, a unit just closed at $6,400 a foot
Against all odds: A by-the-numbers look inside Vornado’s 220 Central Park South
Against all odds: A by-the-numbers look inside Vornado’s 220 Central Park South
Against all odds: A by-the-numbers look inside Vornado’s 220 Central Park South
Ryan Serhant and Bess Freedman (iStock, Illustration by Kevin Cifuentes for The Real Deal)
Ryan Serhant fires back at Bess Freedman, calls legacy brokerages “scared”
Ryan Serhant fires back at Bess Freedman, calls legacy brokerages “scared”
25 North Moore Street (Compass, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Manhattan luxury market slumps back toward normal
Manhattan luxury market slumps back toward normal
281 President Street and 1 John Street, Brooklyn (Streeteasy, Compass, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Jumbo Dumbo condo claims top Brooklyn contract
Jumbo Dumbo condo claims top Brooklyn contract
Johnson & Johnson's James Burke with 35 Potato Road/543 Daniel’s Lane (Johnson & Johnson, Realtor)
Sagaponack waterfront estate sells for almost $48M
Sagaponack waterfront estate sells for almost $48M
Nest Seekers’ Bianca D’Alessio and Mia Calabrese (Nest Seekers, StreetEasy)
Brooklyn Heights penthouse breaks rental record
Brooklyn Heights penthouse breaks rental record
arrow_forward_ios

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

Loading...