Arel Capital’s Richard Leibovitch sells 220 Central Park South unit for $33M

Residential real estate investor was asking $36 million in 2020

New York /
Sep.September 23, 2021 08:00 AM
220 Central Park South and Arel Capital’s Richard Leibovitch (Arel, Robert A.M. Stern Architects)

220 Central Park South and Arel Capital’s Richard Leibovitch (Arel, Robert A.M. Stern Architects)

Arel Capital co-founder Richard Leibovitch has closed on the sale of his 3,700-square-foot apartment at 220 Central Park South for $33 million, as luxury discounts narrow from the height of the pandemic.

Leibovitch was asking $36 million for the unit in January 2020 before chopping the price by $3 million six months later, according to Compass. The 8 percent discount was in line with residential deals in Manhattan’s luxury market, down from an average discount of 11 percent since the start of the year.

The Canadian-born real estate investor bought the 31st-floor condo in December 2018 for $26 million, meaning he pocketed a 26 percent appreciation. He sold it to the Jonathan D. Lewis Trust. Leibovitch also owns a townhouse in the West Village and a condo at the Galleria in Midtown, property records show.

While luxury developers faced pandemic-era pressure to clear their unsold condo inventories, individual resellers were more likely to sit tight – provided they could afford to do so. The well-heeled buyers at 220 Central Park South have fetched $1 billion in sales for sponsor Vornado.

Two of the three largest home purchases in U.S. history took place there. Tech entrepreneur Joe Tsai bought two floors in June for $157 million, while hedge fund manager Ken Griffin bought four floors in 2019 for $238 million.

This story was updated to include other residential properties that Leibovitch owns.





    Related Articles

    arrow_forward_ios
    Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)
    For 15 years, David Koch lived at the world’s “richest building”
    For 15 years, David Koch lived at the world’s “richest building”
    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
    From left: JDS Development Group's Michael Stern and Susquehanna International Group's Tim Gong along with 111 West 57th Street (Photo Illustration by Steven Dilakian for The Real Deal with JDS, SIG China, TikTok and Kidfly182, CC BY-SA 4.0 - via Wikimedia Commons)
    TikTok investor buys twice at 111 West 57th Street
    TikTok investor buys twice at 111 West 57th Street
    Midwood's John Usdan and 150 East 78th Street (Midwood Investment & Development)
    Midwood sells $33M penthouse at UES condo project
    Midwood sells $33M penthouse at UES condo project
    Quay Tower at 50 Bridge Park Drive in Brooklyn Heights and 122 Congress Street in Cobble Hill (StreetEasy, Google Maps)
    Quay Tower tops Brooklyn luxury contracts once more
    Quay Tower tops Brooklyn luxury contracts once more
    Vornado Realty Trust CEO Steven Roth and 220 Central Park South (Getty, Jim.henderson, CC BY-SA 4.0 - via Wikimedia Commons)
    Penthouse in Vornado’s 220 CPS trades for $72M
    Penthouse in Vornado’s 220 CPS trades for $72M
    Eliot Spitzer with 985 Fifth Avenue (Getty)
    Eliot Spitzer plans high-end condo on Fifth Ave
    Eliot Spitzer plans high-end condo on Fifth Ave
    arrow_forward_ios

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

    Loading...