NEW YORK | 220 Central Park So.| 952 FT | 70 FLOORS

[NYguy]

https://therealdeal.com/2018/10/29/v...ch-is-83-sold/

Vornado is set to make $1B at 220 CPS, which is 83% sold
Closings scheduled through 2020: filing





By E.B. Solomont
October 29, 2018

Vornado Realty Trust is looking at $1 billion in profits from the sale of ultra-luxury units at 220 Central Park South — which is 83 percent sold, the company disclosed Monday.

In a quarterly filing, the real estate investment trust ended its three-year silence on sales at the Billionaires’ Row project, where it turns out roughly 98 of 118 units are in contract. Closings are scheduled through 2020, Vornado reported.

Excluding Vornado’s land cost of $515.4 million, the project’s total construction cost is $1.4 billion — or nearly $5,000 per square foot. According to the state Attorney General, 220 CPS’ total sellout is $3.4 billion.

“They are printing money on this. it’s a highly successful deal,” said Alexander Goldfarb, an analyst at Sandler O’Neill. “Kudos to Steve [Roth], the way he brought it together, found the right occupants. Hats off.”

[NYguy]

https://www.bloomberg.com/news/artic...rnd=markets-vp

Vornado NYC Luxury Condos ‘Exceeded all Expectations,’ CEO Says
Apartments are 85% sold, with 26 full-floor units in contract





By Noah Buhayar
October 30, 2018

Vornado Realty Trust’s Manhattan luxury-condo tower has “exceeded all expectations,” even with suggestions of a slowdown in the high-end market, the developer’s chief executive officer said.

The project, at 220 Central Park South, is “approaching 85 percent sold” and stands to produce $1 billion in profit, Steven Roth said Tuesday on a conference call with analysts. Of the tower’s 27 full-floor apartments, 26 are under contract, with two of those deals signed just this month, he said.

“The press is telling us that the condo market in New York is soft or even worse than that. That may well be for some,” Roth said. But “220 Central Park South has exceeded all expectations and is well into record-setting territory.”

[NYguy]

https://www.fool.com/earnings/call-t...-conferen.aspx

We have begun closings at our 220 Central Park South supertall condominium project. Closings will continue throughout 2019 as we climb up the building. We are approaching 85% sold. Here is a factoid for you. In the 1,000-foot tower, we built 27 large full floor apartments, of which 26 are under contract. The press is telling us that the condo market in New York is soft or even worse than that. That may well be for some, but I point out that we went to contract on two large full floor apartments just this month leaving only one out of 27 left. 220 Central Park South has exceeded all expectations as well into record-setting territory.

[NYguy]

https://www.instagram.com/p/BpnWgapg...-by=hans.zhong

[NYguy]

https://www.instagram.com/p/Bp0NA2dlLnR/

[Hudson11]

does anyone know the deal with the permits listing this tower at 1033ft? Now my mind is doing gymnastics trying to make me see this as taller than One 57.

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

even the NB Permit: http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

[nyc_alex]

Originally Posted by Hudson11

does anyone know the deal with the permits listing this tower at 1033ft? Now my mind is doing gymnastics trying to make me see this as taller than One 57.

The ground is 80 ft ASL here. The 1033 ft is above sea level.

[chris08876]

^^^^

Which is great for CPT. An extra boost.

[NYguy]

https://www.instagram.com/p/BqIkj3Kgeq7/

[chris08876]

Credit: EBfilms

[NYguy]

https://www.cnbc.com/2019/01/23/bill...ontinues-.html

Billionaire Ken Griffin buys New York penthouse for $238 million, the most expensive US home ever sold

Hedge fund billionaire Ken Griffin closed a deal to buy the most expensive home ever sold in the U.S., paying around $238 million for a New York penthouse overlooking Central Park.

The deal is the largest in Griffin's recent $700 million global real estate shopping spree, believed to be the largest ever for a U.S. billionaire. Over the past few years, the founder and CEO of Citadel has purchased the most expensive homes in Chicago, Miami and New York. He has spent more than $200 million to buy land in Palm Beach, Florida, for a home he plans to build there. And this week, news broke that he purchased a $122 million property in London, which was the most expensive sale in that city in a decade.

The New York purchase, first reported by CNBC in 2015 when it went into contract, covers several floors of the new 79-story condo tower known as 220 Central Park South. The apartment covers four full floors and is around 24,000 square feet with stunning views of Central Park, according to real estate experts. Griffin bought the space raw, which means that even after paying $238 million, Griffin will likely spend millions more to design, build and furnish the home.

[pianowizard]

Wow, 24000 square feet! I wonder why he chose this over the taller residential buildings. Perhaps none of them offer units as large as this?

[jsbrook]

Anyone know what percentage of this building is sold now? It was something like 85% back in October.

[jsbrook]

Originally Posted by pianowizard

Wow, 24000 square feet! I wonder why he chose this over the taller residential buildings. Perhaps none of them offer units as large as this?

I'm not sure why anyone would want 24,000 square feet, but I'm not hating, and that's probably the case. The bi-level penthouses in 111 W. 57th Street are around 7,500 square feet. So you'd have to go 6 stories rather than 4 to get something around that size. I could easily see him preferring the layout 220 Central Park South afford. And 220 Central Park is a very classy building.

[bgsrand]

Originally Posted by pianowizard

Wow, 24000 square feet! I wonder why he chose this over the taller residential buildings. Perhaps none of them offer units as large as this?

It's also the most exclusive building U/C right now in NYC....Roth was personally interviewing buyers before purchase/sale agreements were executed. Ken Griffin also purchased a $50Million penthouse in Chicago & Miami, a $100+ million home in London and his estate in West Palm Beach. Point is he can afford to live anywhere and there was some sort of draw here other than unit size.

[pianowizard]

Originally Posted by bgsrand

It's also the most exclusive building U/C right now in NYC....

...although it's unfortunate that the CPT will be blocking a significant portion of the view from Ken Griffin's future condo. He'll still have an unimpeded view of the Central Park, of course.

I just came across this article on CNN which lists the top five most expensive homes ever sold in the US:

220 Central Park South, New York -- Sold in 2019 for $238 million.

60 Further Lane, East Hampton, New York -- Sold in 2014 for $137 million.

50 Blossom Way, Palm Beach, Florida -- Sold in 2013 for $129.6 million.

499 Indian Field Road, Greenwich, Connecticut -- Sold in 2014 for $120 million.

360 Mountain Home Road, Woodside, California -- Sold in 2013 for $117.5 million.


I was impressed that the 2nd most expensive home lagged so far behind. I had expected it to be more like $200 million.

[jsbrook]

Originally Posted by pianowizard

...although it's unfortunate that the CPT will be blocking a significant portion of the view from Ken Griffin's future condo. He'll still have an unimpeded view of the Central Park, of course.

I just came across this article on CNN which lists the top five most expensive homes ever sold in the US:

220 Central Park South, New York -- Sold in 2019 for $238 million.

60 Further Lane, East Hampton, New York -- Sold in 2014 for $137 million.

50 Blossom Way, Palm Beach, Florida -- Sold in 2013 for $129.6 million.

499 Indian Field Road, Greenwich, Connecticut -- Sold in 2014 for $120 million.

360 Mountain Home Road, Woodside, California -- Sold in 2013 for $117.5 million.


I was impressed that the 2nd most expensive home lagged so far behind. I had expected it to be more like $200 million.

What portion? Greatrooms that are only windows suck. No room for art. Most of the current crop of top towers with incredible views have floor-to-ceiling windows on two sides of the greatroom (three sides max) and otherwise have wall space for art.

[vandelay]

It's pretty obvious why he picked this building. It's another piece of his portfolio. A building like this will only increase in value. Four floors can be broken up. 15CPW was still topping real estate sales in 2018, beating brand new construction, 10 years after it was built.

[pianowizard]

Originally Posted by jsbrook

What portion?

The CPT will block quite a few things from his view. He probably won't be able to see the Empire State Building, for example.

EDIT: After inspecting the photo below, I'm going to guess that he will see the ESB, but not 1WTC:

Originally Posted by NYguy

https://www.instagram.com/p/BpCyJyVn...ul.newyorkcity

[NYguy]

Originally Posted by pianowizard

Wow, 24000 square feet! I wonder why he chose this over the taller residential buildings. Perhaps none of them offer units as large as this?

Well, it's not always about the height. There have been high priced properties selling all across Manhattan, but the media loves anything the sells on billionaire's row
because I guess that's the sexier story. Nothing comes close the the price of this one. But 15 CPW was always one of the top selling buildings in the city, another Stern tower.
And at another Stern tower, 520 Park, they reduced the price and size of the penthouse there...



https://www.6sqft.com/130m-penthouse...eparate-units/

JANUARY 4, 2019 BY DANA SCHULZ

The quest to outdo One57’s record-setting $100.5 million penthouse doesn’t seem to be working. The two contenders, 220 Central Park South and 520 Park Avenue
–both Robert A.M. Stern-designed buildings–announced their $250 and $130 million penthouses in 2016 and 2014 respectively, but there’s been no movement since.
The latter building seems to have taken the hint, though, as The Real Deal reports that the 12,398-square-foot triplex has been chopped up into two “smaller” units
–a $40 million full-floor unit and an $80-$100 million duplex.

So for now, the $250 million blockbuster at 220 Central Park South is the frontrunner. Closings began in October, but there have been no murmurings about the penthouse.
The 23,000-square-foot, four-floor “billionaire’s bunker” originally attracted hedge fund tycoon Ken Griffin.

We know how that one ended.

Originally Posted by pianowizard

...although it's unfortunate that the CPT will be blocking a significant portion of the view from Ken Griffin's future condo. He'll still have an unimpeded view of the Central Park, of course.

Originally Posted by pianowizard

The CPT will block quite a few things from his view. He probably won't be able to see the Empire State Building, for example.

The towers clustered around "billionaire's row" are different from the other residential towers in one big way - they are primarily geared towards the Central Park view
(One going all out and calling itself Central Park Tower). As a default, you would usually get a midtown (south facing) view anyway. But 220 CPS has a south facing facade
that only resembles the rest of the building over most of it. I'm not sure how different the penthouse unit is, but there won't be a lot of south facing views.


https://www.flickr.com/photos/39108224@N02/32463355860/






https://www.flickr.com/photos/anthon...z/37118231742/