- Prices at 220 Central Park South would break records, CEO says
- More than 70% of buyers at luxury Midtown tower are from U.S.
Vornado Realty Trust has sold 14 condominiums at prices that exceed $50 million at 220 Central Park South, its luxury residential tower under construction in midtown Manhattan.
About 45 percent of the project’s buyers are New Yorkers, many of whom plan to make the apartments their primary residence, Chief Executive Officer Steven Roth said Tuesday on the company’s third-quarter earnings conference call. About 30 percent of buyers are from elsewhere in the U.S., he said.
“This is not a home to offshore flight capital,” Roth said of the tower, construction of which has reached the ninth floor.
The project, designed by Robert A.M. Stern, faces the southern entrance to Central Park, with most of the 118 units offering unobstructed views. Some sales have been for well above $50 million, at prices that would break records, Roth said. Ken Griffin, CEO and founder of Chicago-based hedge fund Citadel Advisors, purchased three full floors at the building for about $200 million, the New York Times reported last month, citing people familiar with the deal.
Vornado has raised asking prices at the tower at least five times since sales began earlier this year, according to filings with the New York State attorney general’s office. The most expensive listed unit is a 9,535-square-foot (885-square-meter) penthouse on the 73rd floor that’s being offered for $100 million. Two other penthouses don’t have prices listed.
About 53 percent of the project’s units have sold, Roth said on the call.
The company is competing for buyers in an area of Midtown where at least six condo towers aimed at multimillionaires are being built. Vornado’s building is two blocks from Extell Development Co.’s One57, where a 10,923-square-foot duplex penthouse sold in December to an undisclosed buyer for $100.5 million, the most expensive residential deal ever completed in Manhattan.
“The 220 Central Park South project continues to be the premier market-leading development in the super-luxury class,” Roth said.