Robert A.M. Stern’s 220 Central Park South has been keeping us on our toes, from its $1.3 billion construction price tag to its $200+ million penthouse to its lightning fast sales (the building was one-third sold after just six weeks, and it’s now more than 50 percent sold even though listings for the 118 units have yet to go public). The latest head-spinner comes courtesy of The Real Deal, who reports that developer Vornado is spending $5,000 per square foot to build the Billionaires’ Row blockbuster. The actual land comes out to $1,500 per foot, with the remaining $3,500 per foot going to “hard, soft and financial costs.” The total sellout is close to $3 billion, and of the 59+ units that are in contract, 14 were pricier than $50 million.
According to Vornado CEO Steven Roth, “The building has the largest loss factor of any building of its type intentionally, so the amenity packages are extraordinary and are catering to this marketplace.” Said amenities include wine cellars, swimming pools, multiple lobbies, and a motor court. He continued, “Our margins are superb and are holding with each sale,” adding that 45 percent of buyers thus far are New Yorkers who will use the building as their primary residence, and 30 percent are Americans from other cities.
Vornado secured a $750 million term loan for the project earlier this week. Construction is currently at the ninth floor, and is expected to be completed by 2018.
Stay up to date on progress and listings at 220 Central Park South on City Realty.
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