Another 220 Central Park South condo trades for over $10K psf

$63M deal is third closing at the Billionaires’ Row tower this month

TRD New York /
Sep.September 25, 2020 09:00 AM
220 Central Park South with Louise Sunshine and Steve Roth (Google Maps, Getty)

220 Central Park South with Louise Sunshine and Steve Roth (Google Maps, Getty)

For the third time this month, a condominium at 220 Central Park South closed for upwards of $10,000 per square foot.

Unit 71 in the tower portion of Vornado Realty Trust’s condo building sold to an unknown buyer for $62.6 million, according to property records. The 5,935-square-foot pad went into contract in August 2018 and finally closed last week. The deal pencils out to $10,550 per square foot.

The four-bedroom unit includes a library, dining room, eat-in kitchen and living room overlooking Central Park, plus 100 square feet of terraces, according to the condominium’s offering plan.

The unit directly above this one closed earlier this month for $63 million, while the unit directly below sold at the end of August for $61 million, records show. Another unit on the 69th floor traded last week for $61.6 million.

Big-ticket closings at Vornado’s tower have been rolling in throughout the pandemic, buoying the real estate investment trust’s liquidity to $3.8 billion as the firm declared losses on retail projects elsewhere in the city.

At the height of summer, a penthouse in the building sold for $100 million, or a stunning $12,000 per square foot. Vornado has fewer than 30 residences left to unload at the property, according to a TRD analysis conducted at the start of September.

Louise Sunshine, founder of the Sunshine Group, raised the specter of resale value at the property during a TRD Talks webinar on Wednesday.

“I was involved in a building called 220 Central Park South, which to date is getting the highest prices in New York — $10,000 a foot — and you know, it is really a quality building,” said Sunshine during the event. “The question is, will it maintain its value of $10,000 a square foot? I don’t know.”

At the start of the year, Richard Leibovitch, co-founder of Arel Capital, seemed poised to be the first buyer at the property to resell his unit. He listed it for $36 million, nearly $10 million more than he paid two years before. It’s still on the market for $33 million.






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