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.





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