Corona-what? Two condos at 220 Central Park South fetch $109M
Vornado has pandemic problems, but lucrative tower contracts predated virus
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.
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.
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