220 Central Park South’s first resale in the works
Contract is out for 55th-floor, 3K-sf unit
UPDATE: March 12, 2021, 3:35 p.m.: A deal that will serve as a benchmark for how values have held up at 220 Central Park South is underway.
Sources have confirmed that unit 55B is under contract to sell, although the final sale price is not known. Listing agent Jessica Campbell of Nest Seekers International said there was tremendous interest in the unit until the deal was official, and noted she had several “backup buyers” on deck in the event it fell through. If the deal closes, it will be the first resale at Vornado Realty Trust’s blockbuster building, which holds the record for selling the most expensive home in the country to Citadel founder Ken Griffin.
The seller, masked behind a limited liability company, 220 MARCH, bought the unit on the 55th floor for about $26.8 million in late 2019. The seller originally signed a contract to purchase the unit in April 2015. It was listed for resale in early February seeking $33 million.
Campbell declined to comment on the terms of the deal or the parties, but said the unit was only on the market for 30 days before a contract was in the works, and that her seller was “pleased.”
Ryan Serhant is representing the buyer at his new brokerage Serhant. He declined to comment.
Once finalized, the deal will be closely scrutinized by the industry, particularly considering the diminishing resale values of apartments along Billionaires’ Row.
Even before the pandemic, nearly 40 percent of condo resales in Midtown closed at a loss — the worst of any neighborhood or property type, according to a citywide analysis by StreetEasy. Now, amid the pandemic and with a glut of new development condos on the market, that landscape is even more challenging unless sellers are willing to accept discounted offers.
“I think many will be curious to see if resales follow the same path that One57 has taken, with substantial discounts from the original contract price,” said appraiser Jonathan Miller, referring to Extell Development’s nearby tower where owners have resold units at significant losses in the past year.
But Donna Olshan, who tracks Manhattan’s luxury sales weekly, said she expects resale prices at Vornado’s tower to be elevated given its much-publicized track record as the world’s most profitable condo.
“It’s the top building in New York,” she said. “There’s always a buyer at the top level of any real estate market.”