The phrase “sky high” used to refer only to the skyscrapers that fill Manhattan. Now it refers to the dizzying prices being paid for them.
Case in point: 220 Central Park South.
Celebrated hedge-fund manager Ken Griffin recently spent $238 million for a penthouse there.
In January, Brazilian construction and cement magnate (Camargo Correa) Renata de Camargo Nascimento is reported to have laid down $30.191 million for an apartment on the 33rd floor.
A firm linked to Albert P. Behler, Chairman/CEO of real estate conglomerate Paramount Group, plunked down $33.5 million for an apartment on the building’s 35th floor in February.
Billionaire Daniel Och of Och-Ziff Capital Management, Andrew Zaro, chairman of financial services and investment company Cavalry Portfolio Services, and pop singer Sting have also reportedly moved into their own palatial digs at that address.
“Many of the contracts signed at the 1,000-foot-tall tower, including Mr. Griffin’s, date to 2015, when the Manhattan real-estate market was booming,” reports The Wall Street Journal. “They are not a reflection of the strength of the current market, according to agents familiar with the market.”
Since last year, Curbed New York points out, “real estate gawkers have gleaned some information about the building, like the fact that it’s home to the most expensive residence ever sold in the United States. And now, we can finally get a peek inside one of the building’s apartments: A three-bedroom unit on the 40th floor is now on the rental market, asking a whopping $59,000/month.
“Like the building itself,” Curbed continues, “the interiors were designed by Robert A.M. Stern Architects, and anyone familiar with his work at other pricey Manhattan condos will pick up on similarities in the design. It’s all very traditional: There’s white oak herringbone flooring, custom millwork, a marble island in the kitchen, and even more marble—white and black—covering the bathrooms and powder room. The oligarch vibes are strong.”
The posh address has been occupied by a 20-story edifice 65 years ago, which boasted 124 apartments. It was bought 14 years ago by Vornado for $131.5 million. Following the acquisition, Vornado found itself involved in legal wrangling with rent-stabilized tenants, who objected to being evicted. A court found in favor of Vornado in 2009, and the developer ultimately paid from $1.3 million to $1.56 million to settle with the remaining tenants.
The building is one of several major developments on or around 57th Street and Central Park, dubbed “Billionaires Row” by the media, and buildings include 432 Park Avenue, 111 West 57th Street, The Steinway Tower, and the Central Park Tower.