220 central park south

Celebrities, Central Park South

Photo of Bezos via NMAH’s Flickr; 220 CPS photo via a Vornado Realty Trust and Robert A.M. Stern Architects

While Amazon won’t find a home in New York City, the tech giant’s founder just might. The New York Post reported on Friday that Jeff Bezos has been house hunting in the Big Apple following his recent divorce settlement. Bezos, currently the richest man in the world, checked out apartments at 220 Central Park South, where the most expensive home in the country recently sold.

Get the details

Policy, real estate trends

220 Central Park SOuth, Vornado, Robert A.M., Stern

220 Central Park South. Image via Vornado Realty Trust and Robert A.M. Stern Architects.

Calls for a so-called pied-à-terre tax have increased since hedge fund manager Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million in January, for a residence that the billionaire will be using as “a place to stay when he’s in town.” And State Budget Director Robert Mujica stated recently that a pied-à-terre tax could be combined with other revenue solutions to help fund the Metropolitan Transportation Authority’s $40 billion in capital needs. Owners of some of the city’s highest-priced real estate, however, could face a dramatic dip in their property values if the tax plan is enacted, the Wall Street Journal reports, after an analysis that showed how the heftiest tax would be levied on a small number of houses, co-ops, and condos with market values of $25 million or more. The new tax could potentially slash the value of this handful of pricy properties by almost half.

How much is half of too much?

Central Park South, condos, Cool Listings, New Developments

Here’s a rare chance to glimpse inside the secretive interiors of 220 Central Park South, which have previously been kept completely private by developer Vornado Realty Trust (h/t NYP). This is the first rental listing to open up in one of New York’s most coveted addresses, where billionaire Ken Griffin closed on a penthouse for just shy of $240 million, setting the record for the most expensive home ever sold in the United States. For $59,000 a month, the 3,114-square-foot home comes with some of the best views in town–even from the bathroom!

Look inside

Central Park South, Policy

220 Central Park SOuth, Vornado, Robert A.M., Stern

220 Central Park South. Image via Vornado Realty Trust and Robert A.M. Stern Architects.

We’ve heard it before, but it’s always a shock to hear about how the city’s tax system undervalues big-ticket apartments in expensive neighborhoods. The Wall Street Journal reports that the effective tax rate on billionaire hedge funder Ken Griffin’s sky mansion at 220 Central Park South comes out to about 0.22 percent–compared with about one percent in the city’s less affluent neighborhoods. The reasoning behind this is tied to a complicated city property tax system that assesses all co-ops and condos as if they were rental properties. Rental income at nearby buildings is assessed in order to estimate a condo’s value.

What’s going on here?

Central Park South, Recent Sales

220 Central Park SOuth, Vornado, Robert A.M., Stern

Via Vornado Realty Trust and Robert A.M. Stern Architects

Update 1/29/19: The penthouse officially closed on January 23, 2019, for $239,958,219, more than was originally reported.

Billionaire Ken Griffin has closed on a penthouse at 220 Central Park South for $238 million, setting the record for the most expensive home ever sold in the United States, as the Wall Street Journal first reported. Griffin, who founded Citadel, first signed the contract to buy a 24,000-square-foot unit at the under-construction tower in 2015. The hedge fund mogul reportedly picked up the pricey digs as “a place to stay when he’s in town,” since his company is looking to expand its footprint in New York City.

More on record-breaking deal

Featured Story

building of the year, Features

VOTE for 6sqft’s 2018 Building of the Year

By Michelle Cohen, Wed, December 5, 2018

The city’s most important residential projects include a glittering showcase of superlatives that continue to eclipse all that came before, with claims that include tallest (Central Park Tower), skinniest (111 West 57th Street ), most expensive (a $250 million penthouse at 220 Central Park South) and loftiest outdoor lounge (Fifteen Hudson Yards) and pool (Brooklyn Point) almost being a requirement for selling the fabulously luxurious apartments and amenities that lie within. Though some of this year’s contenders appeared on previous years’ lists, their sales launches and toppings-out in 2018 proved that their arrivals on the city’s skyline–and among its residential options–are no less impactful than the anticipation that preceded them.

We’ve narrowed our picks down to a list of 12 headline-stealing residential structures for the year. Which do you think deserves 6sqft’s title of 2018 Building of the Year? To have your say, polls for our fourth annual competition will be open up until midnight on Wednesday, December 12th and we will announce the winner on the 13th.

VOTE HERE! And learn more about the choices.

Featured Story

building of the year, Features

Last day to vote for 6sqft’s 2017 Building of the Year!

By Emily Nonko, Mon, December 11, 2017

This year was all about new development redefining the New York City skyline. Construction moved along at a rapid pace, whether it be the topping out of Richard Meier’s tower at 685 First Avenue or foundational work kicking off at Brooklyn’s first supertall 9 Dekalb. In the next several years we’ll see these buildings open and show off apartments at sky-high prices, but for now, we get to enjoy the construction process on some of the most notable new architecture to come to New York.

We’ve narrowed down a list of 12 news-making residential structures for the year. Which do you think deserves 6sqft’s title of 2017 Building of the Year? To have your say, polls for our third annual competition will be open up until midnight on Monday, December 11th and we will announce the winner on Tuesday, December 12th.

VOTE HERE! And learn more about the choices.

CityRealty, infographic, real estate trends

New development visualized through 2020, via CityRealty

According to CityRealty’s 2017 Manhattan New Development Report, things are really going to heat up over the next few years. While new development sales dropped to $8.3 billion in 2017 from $9.4 billion in 2016 (attributed to a softening in the luxury market), there are a number of new big-time buildings that will commence closings and have the potential to drive total sales up to a whopping $11.9 billion by 2020. One key player is Extell Development’s One Manhattan Square on the Lower East Side. With 815 apartments, it will be the largest condo by unit count ever constructed in the city. And up on Billionaires’ Row, Extell’s Central Park Tower will have the city’s biggest sell-out ever at $4 billion, while Vornado’s 220 Central Park South is looking to set the record for highest price per square foot ever in NYC.

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Celebrities, Upper West Side 

Sting sells 15 Central Park West penthouse for $50M

By Michelle Cohen, Wed, October 11, 2017

British rocker Sting and his wife Trudie Styler listed their colorful futuristic duplex at the Robert A.M. Stern-designed 15 Central Park West for $56 million in May; now the New York Post reports that the massive pad at the headline-stealing celebrity magnet building has been sold to a mystery buyer for $50 million. The couple scooped up the 16th- and 17th-floor penthouse for $27 million in 2008 and enlisted the design pros at SheltonMindel to combine the units to create a unique home with not one but two sculptural spiral staircases and a double-sided spiral gas fireplace that was inspired by the Fibonacci spiral. The couple is reportedly buying a triplex in the latest Stern-designed limestone-clad trophy tower at 220 Central Park South, one of NYC’s most expensive apartment buildings.

Get one last look at the Sting-Styler digs

Celebrities, Cool Listings, Upper West Side 

British rocker Sting and his wife Trudie Styler have listed their chic duplex at the Robert A.M. Stern-designed 15 Central Park West for $56 million (h/t WSJ). The couple purchased the 16th- and 17th-floor penthouse for about $27 million in 2008, and then enlisted architecture and interior design firm SheltonMindel to combine the units and transform them into a “unique home” that includes two custom sculptural spiral staircases and a double-sided spiral gas fireplace that was inspired by the Fibonacci Spiral. Last summer, the couple was in negotiations to buy another Stern condo at 220 Central Park South, one of NYC’s most expensive apartment buildings, and now that they “need more space to accommodate their growing family” the time may be ripe to do so.

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