For the third time this month, a condominium at 220 Central Park South closed for upwards of $10,000 per square foot.
Unit 71 in the tower portion of Vornado Realty Trust’s condo building sold to an unknown buyer for $62.6 million, according to property records. The 5,935-square-foot pad went into contract in August 2018 and finally closed last week. The deal pencils out to $10,550 per square foot.
The four-bedroom unit includes a library, dining room, eat-in kitchen and living room overlooking Central Park, plus 100 square feet of terraces, according to the condominium’s offering plan.
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The unit directly above this one closed earlier this month for $63 million, while the unit directly below sold at the end of August for $61 million, records show. Another unit on the 69th floor traded last week for $61.6 million.
Big-ticket closings at Vornado’s tower have been rolling in throughout the pandemic, buoying the real estate investment trust’s liquidity to $3.8 billion as the firm declared losses on retail projects elsewhere in the city.
At the height of summer, a penthouse in the building sold for $100 million, or a stunning $12,000 per square foot. Vornado has fewer than 30 residences left to unload at the property, according to a TRD analysis conducted at the start of September.
Louise Sunshine, founder of the Sunshine Group, raised the specter of resale value at the property during a TRD Talks webinar on Wednesday.
“I was involved in a building called 220 Central Park South, which to date is getting the highest prices in New York — $10,000 a foot — and you know, it is really a quality building,” said Sunshine during the event. “The question is, will it maintain its value of $10,000 a square foot? I don’t know.”
At the start of the year, Richard Leibovitch, co-founder of Arel Capital, seemed poised to be the first buyer at the property to resell his unit. He listed it for $36 million, nearly $10 million more than he paid two years before. It’s still on the market for $33 million.