Top doc’s condo deal tips Vornado’s 220 Central Park South past $3B

NYU School of Medicine Dean Grossman has graduated to Billionaires Row

New York /
Dec.December 23, 2021 04:30 PM
Top doc’s condo deal tips Vornado’s 220 Central Park South past $3B

Steven Roth, Robert Grossman and 220 Central Park South (Streeteasy, Getty, NYU.edu)

Robert Grossman, the dean of New York University’s Grossman School of Medicine, and his wife, Elisabeth Cohen, snapped up a $14.5 million apartment at 220 Central Park South.

Grossman’s move into the Billionaires Row building appears to have also marked a milestone for Vornado Realty Trust. The developer notched more than three billion dollars in sales in the building when Grossman signed on the dotted line.

Grossman, who has been at the school’s helm since 2007, oversaw a 10 million-square-foot expansion of NYU’s hospital system in Manhattan, Brooklyn and Long Island. He also led efforts in 2018 to eliminate tuition for M.D. students at the school, which in 2019 was renamed in his honor. ​​

JPMorgan Chase provided an $8 million mortgage loan for the purchase.

The Central Park South building has previously made headlines for its sales streaks. Vornado announced in a third quarter earnings call that it had closed sales on 104 of the 118 units as of Sept. 30, garnering net proceeds of $2.97 billion. A condo later sold in October for $27.4 million, pushing net proceeds up to $2.99 billion.

Grossman is far from the only buyer to splurge on luxury real estate in recent months. Data from appraisal firm Miller Samuel show sales of super-luxury homes across the U.S. have surged since the government drove down interest rates on borrowing after the onset of the pandemic.

At least 40 homes in the U.S. sold for at least $50 million this year, an increase in luxury sales of 35 percent over last year, according to the firm.

“The lower the rates, the higher the prices,” said Jonathan Miller, president and CEO of Miller Samuel.

New York state led the way with 13 sales valued at $931 million, with the biggest sale at Grossman’s new home, 220 Central Park South, where a duplex sold to Alibaba co-founder Joe Tsai for $157.5 million.





    Related Articles

    arrow_forward_ios
    Here are the week’s top luxury sales
    Here are the week’s top luxury sales
    Here are the week’s top luxury sales
    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”
    Here are the week’s top luxury sales
    Here are the week’s top luxury sales
    Here are the week’s top luxury sales
    Vornado co-head of real estate Glen Weiss and Sharebite President Mohsin Memon (VNO, Facebook, iStock)
    Vornado sweetening Manhattan office properties with food delivery partner
    Vornado sweetening Manhattan office properties with food delivery partner
    30 Front Street #30A and 72 Poplar Street (Streeteasy)
    $8M Dumbo condo tops Brooklyn home contracts
    $8M Dumbo condo tops Brooklyn home contracts
    From left: Steven Roth, chief executive officer, Vornado Realty Trust; Kathy Hochul, governor of New York; Stephen Ross, chairman and founder, The Related Companies (Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
    Real estate showers Hochul with cash
    Real estate showers Hochul with cash
    Joseph Tsai, executive vice chairman, Alibaba (Getty Images, LoopNet, iStock)
    Office behind Joseph Tsai revealed as buyer in 220 Central Park South megadeal
    Office behind Joseph Tsai revealed as buyer in 220 Central Park South megadeal
    Park Slope Townhouses Top Brooklyn Luxury Contracts (Corcoran, Compass)
    Park Slope townhouses top Brooklyn’s luxury contracts
    Park Slope townhouses top Brooklyn’s luxury contracts
    arrow_forward_ios

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

    Loading...