A floor-through apartment at 220 Central Park South, Manhattan’s Robert A.M. Stern-designed skyscraper, has sold for $75 million — almost exactly four years after the developer sold it for $55.5 million.
Thank you for reading this post, don't forget to subscribe!“45th floor sold for $75 million [a unit on the 19th floor sold] For $5 million, the total purchase for both from a single buyer brings it to $80 million,” said Elizabeth Sahlman of Compass, who handled the deal, which closed Thursday. “The apartment was never on the market and was quietly sold.”
Sahlman declined to comment on the buyer, who is listed in property records under the opaque name 220 CPS Parkview LLC, a shell company.
David Littman, founder of Littman Brands, a group of high-end lighting companies, and his wife Constance were sellers. He bought the home in October 2019 in a deal that was promoted as a “huge number,” as Manhattan’s ultra-luxury market was mired in a recession, The Wall Street Journal reported. Representatives for the couple did not immediately respond to a request for comment.
The investment paid off, with a 6,591-square-foot apartment in a 70-story, limestone-clad tower in one of the project’s two buildings selling for 35% more than Littman spent. In fact, according to Jonathan Miller, president and CEO of appraisal firm Miller Samuel, 220 Central Park South is outperforming other residential skyscrapers in Manhattan.
“Resales of this building in recent years have been significantly higher than the original purchase from the sponsor,” he said. “Whereas in buildings a few blocks away, resale units are selling for half the price the sponsor originally sold them for.”
Stern, the New York-based classical architect who founded Robert A.M. Stern Architects, also known as RAMSA, is one of the city’s most prolific designers. His buildings – including 70 Vestry, 15 Central Park West (15 CPW) and 520 Park Avenue – “are beautifully constructed and have not only retained their value but have far exceeded the original purchase price,” Sahlman said. Said.
In fact, they are known for making solid investments that pay off.
“We have market proof of this at 15 CPW,” Miller said. “This appears to be generating an architect premium in this high-end market.” Miller said.
But the price premium also has to do with location: 220 Central Park—and 15 CPW—are directly on Central Park, Miller said. “It’s not on 57th Street.”
He said the city’s other supertall towers are located on so-called Billionaires Row, which is West 57th Street, two blocks south of the park. Development sites are rare in the park, giving the building additional convenience.
“More units [at 220 Central Park South] There are thoughts. It’s across the street from the park, so it has an address that’s internationally known,” Miller said. “This translates into a higher percentage of value.”
Hedge-fund manager Ken Griffin bought the building’s most expensive unit in 2019 for about $238 million, according to property records, which was a record for the highest-priced home sold in the U.S. at the time.
Sting and Trudie Styler also have an apartment in the building.
Source: www.mansionglobal.com
