Vornado Realty Trust’s 220 Central Park South continues to fetch eye-popping prices, providing the firm a cash cow amid a crisis that has punished New York City’s luxury real estate market.
An anonymous buyer closed on a $61.6 million unit on the ultra-exclusive condo’s 69th floor, according to property records. The price — agreed to two years ago — comes out to about $10,380 per square foot.
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The buyer, identified as AEH Jay Corp., went into contract for the property in 2018. The limited liability corporation is linked to Rialto Management Corp., a real estate firm that manages commercial and residential properties as well as individual units “for investors and absent owners,” according to its LinkedIn profile.
The same LLC also owns a 72nd-floor apartment in the Time Warner Center, purchased in 2013 for $18.8 million, according to property records. In the 220 Central Park South transaction, the buyer was represented by Jeffrey Levin of Squire Patton Boggs.
The full-floor unit is located just a few floors below the penthouses of the condo’s tower portion, according to the building’s offering plan. The nearly 6,000-square-foot apartment has four bedrooms, five bathrooms and two powder rooms, along with three small balconies that overlook Central Park.
During the coronavirus-related slowdown in the luxury market, Vornado has seen several blockbuster closings at 220 Central Park South, including a $100 million deal for one of its penthouses that pulled in a whopping $12,000 per square foot. The deals, most from contracts signed prior to the pandemic, have helped boost Vornado’s liquidity to $3.8 billion.
Big-name buyers in the Central Park-facing condo include hedge funder Ken Griffin, who closed on a massive $238 million apartment in 2019. Others include musician Sting, who purchased a $65.7 million penthouse, and billionaire Daniel Och, who snagged one for $93 million.