$100M penthouse closes at 220 Central Park South, third-most-expensive NYC sale ever

Posted On Tue, July 28, 2020 By

Posted On Tue, July 28, 2020 By In Central Park South, real estate trends, Recent Sales

Photo of 220 Central Park South in front of 111 West 57th Street (cropped) by Jim Henderson via Wikimedia Commons

As of July 1, 2020, the average price per square foot for a New York City condo came in at $1,110, according to CityRealty. But this duplex penthouse at 220 Central Park South sold for a whopping $12,164 per square foot. First spotted by The Real Deal and confirmed in city property records, PH 76 at the Billionaires’ Row tower just closed for $99,903,375, making it the third-most-expensive sale ever, behind billionaire Ken Griffith’s $238 million purchase also at 220 CPS in early 2019 and Michael Dell’s $100 million buy at One57 in 2015. The sale takes the number-three spot from a $92.7 million sale at 220 CPS, which sold in late 2019 to billionaire hedge-funder Daniel Och.

According to The Real Deal, the 8,200-square-foot penthouse was listed on the offering plan for $108 million and went into contract back in May of 2017. The buyer is an LLC called 76CPS LP, which is registered in Delaware. The spread has four bedrooms and nearly 850 square feet of outdoor space.

A story in the New York Times earlier this month took a closer look at the softening real estate market in New York City. “Since the coronavirus shut the city down, the number of sales in Manhattan dropped 54 percent and the median price fell to $1 million.” Though headlines like this have been popping up everywhere, the luxury market rallied this past week. According to Mansion Global, during the week ending July 26, 15 high-end ($4M+) homes went into contract. Though they had an average 18-percent discount from the asking price, it was still “the largest number of homes to find buyers since the middle of March.”

This month alone, there were two other big closings at the Robert A.M. Stern-designed 220 Central Park South–unit 68 for $55.5M and unit 64 for $54M. There were three closings above $50M in April and one in March. This is not surprising considering that in 2019, the building accounted for one-third of all $10 million+ sales. According to an April story in The Real Deal, developer Vornado had recently said that 91 percent of the building’s 117 units had been sold. There are currently two apartments listed at 220 Central Park South–a two-bedroom for $15 million and a four-bedroom for $33 million, which was originally listed for $36 million and saw a price chop last month. There are also eight available rentals, ranging from $59,000/month to $85,000/month.

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