Posh Condo Sales at 220 Central Park South Still on Track, Despite Corona

Posh condo sales at 220 Central Park South are still on track this month, post-Corona. Photo Credit: Wikipedia
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By Benyamin Davidsons

Posh condo sales at 220 Central Park South are still on track this month, post-Corona. Two big deals were closed in July at the Billionaires Row tower in NYC, which is owned by Vornado Realty Trust and led by Chairman Steve Roth. As reported by the Real Deal, the total for the two deals at the building summed up to $109 million.  The more expensive of the apartments was sold for $55.5 million, with a closing date of July 21. The four-bedroom condo, with 5,935-square-feet of space, was on the 68th floor of the luxury 950-foot tall condominium skyscraper. The seller, was listed as a foreign limited liability company KMZM LLC, who had gone into contract buying property in October 2018.  The new buyer was not named in the public records.  The unit was last listed for sale at $60 million, as per the latest condo offering plan. Actually, Vornado had initially listed it for $51.5 million in the original offering plan, but later raised the price.

Another big sale was closed just a week earlier.  Another 4-bedroom unit of the same size, on the 64th floor, sold for $53.9 million. The buyer in this sale was also not named in public records.  The seller had purchased it through an LLC, and had gone into contract in 2015. The las listing price for this apartment was $58 million, also up from its initial offering of $49 million.

The building boasts a Limestone Façade and has 70 floors with 116 units, overlooking Central Park.  Designed by Robert A.M. Stern Architects, with interiors by Thierry Despont, it features amenities including a 95-foot swimming pool, squash court, fitness center, spa, board room, club room, private dining room, garage and full service staff.  The apartments offer luxury top-of-the-line appliances, oversized windows, high ceilings and designer moldings.  The tower’s duplex penthouse notably closed in January 2019 for an astounding price of $239,958,219, which set the record for the highest price paid for a personal residence in the U.S.

The renowned building didn’t really experience downtown in selling its units.  A similar pair of apartments, on the 63rd and 65th floors, closed in April for a combined price of $110 million. Weeks earlier, there were the closings for sales of pads on the 61st and 62nd floors.  The luxury condos at 220 Central Park South continued to be a money maker for the Vornado, despite the pandemic, and despite the investment trust’s enormous write-down on some of the retail properties it owns.  In this year’s second quarter, the REIT still reported a $49 million after-tax net gain from sales at 220 Central Park South.

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