220 Central Park South is a residential
skyscraper
A skyscraper is a tall continuously habitable building having multiple floors. Modern sources currently define skyscrapers as being at least or in height, though there is no universally accepted definition. Skyscrapers are very tall high-ris ...
in
Midtown Manhattan
Midtown Manhattan is the central portion of the New York City borough of Manhattan and serves as the city's primary central business district. Midtown is home to some of the city's most prominent buildings, including the Empire State Buildin ...
in
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
, situated along
Billionaires' Row on the south side of
Central Park South
59th Street is a crosstown street in the New York City borough (New York City), borough of Manhattan, running from York Avenue and Sutton Place on the East Side (Manhattan), East Side of Manhattan to the West Side Highway on the West Side (Manha ...
between
Broadway
Broadway may refer to:
Theatre
* Broadway Theatre (disambiguation)
* Broadway theatre, theatrical productions in professional theatres near Broadway, Manhattan, New York City, U.S.
** Broadway (Manhattan), the street
**Broadway Theatre (53rd Stree ...
and
Seventh Avenue. 220 Central Park South was designed by
Robert A.M. Stern Architects
Robert A.M. Stern Architects, LLP (RAMSA), is an architecture firm based in New York City. First established by Robert A. M. Stern (as Stern Hagmann Architects) in 1969, it is now organized as a limited liability partnership with 16 general partne ...
and
SLCE Architects
SLCE Architects is an American architecture firm which provides architectural services in both the public and private sector. Between 2010 and 2015, the firm received the most commissions for residential developments in New York City. The firm is ...
, with interiors designed by
Thierry Despont
Thierry Despont (born 1948 in Limoges, France) is a French architect and interior designer living and working in New York City.
During the 1980s, he was the associate architect for the restoration of the Statue of Liberty. He then went on to rem ...
. It is composed of two sections: a 70-story, tower on 58th Street, which is the
17th-tallest building in New York City, as well as an 18-story section on Central Park South, both of which contain a limestone
facade. Most of the 118 apartments are
duplex apartments, although some of the units have been combined to create larger units. The building has a
porte-cochère
A porte-cochère (; , late 17th century, literally 'coach gateway'; plural: porte-cochères, portes-cochères) is a doorway to a building or courtyard, "often very grand," through which vehicles can enter from the street or a covered porch-like ...
, a wine cellar, private dining rooms, and various recreational facilities.
Vornado Realty Trust
Vornado Realty Trust is a real estate investment trust formed in Maryland in 1982, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.
Investments
Notable properties owned by the ...
developed the building on the site of a rent-stabilized apartment complex constructed in 1954. While Vornado acquired the existing apartment building in 2005, a lawsuit from the existing building's tenants forced the demolition of the existing structure to be delayed to 2012. Additionally, Vornado had to settle a dispute with
Extell
Extell Development Company is an American real estate developer of residential, commercial, retail, hospitality, and mixed-use properties. Founded in 1989 by Gary Barnett, the company’s portfolio exceeds 20 million square feet. The company has ...
, which owned a garage on the site and had expressed concern that Vornado's structure would block northward views of Extell's adjacent
Central Park Tower
Central Park Tower is a residential supertall skyscraper at 225 West 57th Street in the Midtown Manhattan neighborhood of New York City, along Billionaires' Row. Designed by Adrian Smith + Gordon Gill Architecture, the building rises with 9 ...
. Robert A. M. Stern's designs were released in early 2014, and the plans were approved that March. Work on the base started in 2015 and most exterior work was done by the time the first residents moved into the building in 2018.
220 Central Park South contains some of the most expensive apartments in New York City, with a secretive purchasing process and many anonymous buyers. Two of the building's units have sold for over $100 million, including a $238 million unit purchased by billionaire hedge fund manager
Kenneth C. Griffin
Kenneth Cordele Griffin (born October 15, 1968) is an American hedge fund manager, entrepreneur and investor. He is the founder, chief executive officer, co-chief investment officer, and 80% owner of Citadel LLC, a multinational hedge fund. He ...
in 2019, the most expensive home ever sold in the United States at the time.
Site
220 Central Park South is in the
Midtown Manhattan
Midtown Manhattan is the central portion of the New York City borough of Manhattan and serves as the city's primary central business district. Midtown is home to some of the city's most prominent buildings, including the Empire State Buildin ...
neighborhood of
New York City
New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
, just east of
Columbus Circle
Columbus Circle is a traffic circle and heavily trafficked intersection in the New York City borough of Manhattan, located at the intersection of Eighth Avenue, Broadway, Central Park South ( West 59th Street), and Central Park West, at the so ...
and south of
Central Park
Central Park is an urban park in New York City located between the Upper West Side, Upper West and Upper East Sides of Manhattan. It is the List of New York City parks, fifth-largest park in the city, covering . It is the most visited urban par ...
. It has frontage on
58th Street to the south and
Central Park South
59th Street is a crosstown street in the New York City borough (New York City), borough of Manhattan, running from York Avenue and Sutton Place on the East Side (Manhattan), East Side of Manhattan to the West Side Highway on the West Side (Manha ...
to the north, in the middle of a
city block
A city block, residential block, urban block, or simply block is a central element of urban planning and urban design.
A city block is the smallest group of buildings that is surrounded by streets, not counting any type of thoroughfare within t ...
bounded by
Seventh Avenue to the east and
Broadway
Broadway may refer to:
Theatre
* Broadway Theatre (disambiguation)
* Broadway theatre, theatrical productions in professional theatres near Broadway, Manhattan, New York City, U.S.
** Broadway (Manhattan), the street
**Broadway Theatre (53rd Stree ...
to the west.
The building carries the alternate addresses of 225-231 West 58th Street. The building sits on an "L"-shaped site covering four
land lot
In real estate, a lot or plot is a tract or parcel of land owned or meant to be owned by some owner(s). A plot is essentially considered a parcel of real property in some countries or immovable property (meaning practically the same thing) in ...
s: three on West 58th Street measuring a combined , and a fourth lot between Central Park South and 58th Street measuring . The site has frontage of along 58th Street and along Central Park South, with the Central Park South wing on the far eastern portion of the site.
Nearby buildings on the same block include
Gainsborough Studios
Gainsborough Pictures was a British film studio based on the south bank of the Regent's Canal, in Poole Street, Hoxton in the former Metropolitan Borough of Shoreditch, north London. Gainsborough Studios was active between 1924 and 1951. The com ...
and
240 Central Park South to the west, as well as
200 Central Park South
200 Central Park South is a Modern-style building on the south side of Central Park in New York City, at
the corner of 7th Avenue and Central Park South ( 59th Street). It is most notable for its curving facade, banded by balconies. Its exterior ...
, the Helen Miller Gould Stable, and the firehouse of Engine Company 23 to the east.
220 Central Park South is across from the
Central Park Tower
Central Park Tower is a residential supertall skyscraper at 225 West 57th Street in the Midtown Manhattan neighborhood of New York City, along Billionaires' Row. Designed by Adrian Smith + Gordon Gill Architecture, the building rises with 9 ...
, the
American Fine Arts Society
The Art Students League of New York Building (also the American Fine Arts Society and 215 West 57th Street) is a building on 57th Street in Midtown Manhattan in New York City. The structure, designed by Henry Janeway Hardenbergh in the Frenc ...
(also known as the
Art Students League of New York
The Art Students League of New York is an art school at 215 West 57th Street in Manhattan, New York City, New York. The League has historically been known for its broad appeal to both amateurs and professional artists.
Although artists may stu ...
building), the
Saint Thomas Choir School
Saint Thomas Choir School is a church-affiliated boarding choir school in Manhattan, New York, founded in 1919. The school is supported by the nearby Saint Thomas Church, an Episcopal church, continuing the Anglican tradition of all-male choral ...
, and the
Osborne Apartments
The Osborne, also known as the Osborne Apartments or 205 West 57th Street, is an apartment building at Seventh Avenue and 57th Street in Midtown Manhattan in New York City. The Osborne was originally designed by James Edward Ware and const ...
to the south.
The building is close to two
New York City Subway
The New York City Subway is a rapid transit system owned by the government of New York City and leased to the New York City Transit Authority, an affiliate agency of the state-run Metropolitan Transportation Authority (MTA). Opened on October 2 ...
stations: the
57th Street–Seventh Avenue station
The 57th Street–Seventh Avenue station (signed as 57th Street) is an express station on the BMT Broadway Line of the New York City Subway. Located in Midtown Manhattan at the intersection of 57th Street and Seventh Avenue, it is served b ...
of the , and the
59th Street–Columbus Circle station of the .
220 Central Park South is one of several major developments around
57th Street and
Central Park
Central Park is an urban park in New York City located between the Upper West Side, Upper West and Upper East Sides of Manhattan. It is the List of New York City parks, fifth-largest park in the city, covering . It is the most visited urban par ...
that are collectively dubbed
Billionaires' Row by the media. Other buildings along Billionaires' Row include
432 Park Avenue
432 Park Avenue is a residential skyscraper at 57th Street and Park Avenue in Midtown Manhattan in New York City, overlooking Central Park. The tower was developed by CIM Group and Harry B. Macklowe and designed by Rafael Viñoly. A part of ...
five blocks southeast,
111 West 57th Street
111 West 57th Street, also known as Steinway Tower, is a supertall residential skyscraper in the Midtown Manhattan neighborhood of New York City. Developed by JDS Development Group and Property Markets Group, it is situated along Billionaires' R ...
and
One57
One57, formerly known as Carnegie 57, is a 75-story, supertall skyscraper at 157 West 57th Street (Manhattan), 57th Street between Sixth Avenue (Manhattan), Sixth and Seventh Avenue (Manhattan), Seventh Avenues in the Midtown Manhattan, Midtow ...
one block southeast, and the adjacent Central Park Tower.
The previous building at the address 220 Central Park South was a 20-story structure with 125 apartments, constructed in 1954. It was developed by the J. H. Taylor Management Corporation and designed by
Albert Mayer and
Julian Whittlesey, all of whom had been involved with the earlier 240 Central Park South. The old 220 Central Park South was erected with a concrete frame and white-brick framework, and consisted of two "towers" connected by a promenade and garden. Real estate investor Sarah Korein ultimately came to own the old 220 Central Park South.
The old building was demolished between 2012 and 2013.
Architecture
Robert A.M. Stern Architects
Robert A.M. Stern Architects, LLP (RAMSA), is an architecture firm based in New York City. First established by Robert A. M. Stern (as Stern Hagmann Architects) in 1969, it is now organized as a limited liability partnership with 16 general partne ...
designed the massing and exterior of 220 Central Park South, although
SLCE Architects
SLCE Architects is an American architecture firm which provides architectural services in both the public and private sector. Between 2010 and 2015, the firm received the most commissions for residential developments in New York City. The firm is ...
is listed in building documents as the architect of record.
The building is one of several
skyscrapers designed by Stern in Manhattan, which include
15 Central Park West
15 Central Park West (also known as 15 CPW) is a luxury residential condominium along Central Park West, between 61st and 62nd Streets adjacent to Central Park, on the Upper West Side of Manhattan in New York City. It was constructed from 2005 t ...
, a few blocks to the north;
30 Park Place in the
Financial District
A financial district is usually a central area in a city where financial services firms such as banks, insurance companies and other related finance corporations have their head offices. In major cities, financial districts are often home to s ...
; and
520 Park Avenue, east of Central Park. Thierry Despont designed the interior spaces.
Other firms involved in construction included structural engineer
DeSimone Consulting Engineers
DeSimone Consulting Engineers is a structural engineering firm founded by Vincent J. DeSimone in 1969 in New York City. The firm provides structural engineering services to architects, owners and developers, and performs structural analysis and ...
and general contractor
Lendlease
Lendlease is a globally integrated real estate company that creates and invests in communities, workplaces, retail, and infrastructure projects, headquartered in Barangaroo, New South Wales, Australia.
History Founding
The company was establ ...
.
Form
The structure is composed of two sections: a 70-story tower on 58th Street and a shorter 18-story section on Central Park South.
The
massing
Massing is a term in architecture which refers to the perception of the general shape and form as well as size of a building.
Massing in architectural theory
Massing refers to the structure in three dimensions (form), not just its outline from ...
of the building is influenced by the two
zoning
Zoning is a method of urban planning in which a municipality or other tier of government divides land into areas called zones, each of which has a set of regulations for new development that differs from other zones. Zones may be defined for a si ...
districts that the building occupies; different height restrictions were determined by the
floor area ratio
Floor area ratio (FAR) is the ratio of a building's total floor area (gross floor area) to the size of the piece of land upon which it is built. It is often used as one of the regulations in city planning along with the building-to-land ratio. The ...
s for each respective zoning district. One quarter of the site is on Central Park South, while the remaining three-quarters of the lot are on 58th Street.
The main structure, on 58th Street, is tall, rising 70 stories above the ground.
The floor slabs of the upper floors measure , with the longer dimension extending west to east, and each of the upper floors contains an area of about , giving the upper floors a
slenderness ratio
In architecture, the slenderness ratio, or simply slenderness, is an aspect ratio, the quotient between the height and the width of a building.
In structural engineering, slenderness is used to calculate the propensity of a column to buckle. It ...
of 18:1.
Due to its slenderness, the building has been characterized as part of a new breed of New York City "
pencil tower
A pencil tower (also known as a skinny skyscraper, pencil-thin tower, super-slender tower, or super-slim tower) is a high-rise building or skyscraper with a very high slenderness ratio that is very tall and thin. There is no universal definition ...
s".
The upper floors rise above the southern section of the site, both because of the light restriction and because the position of the floor slabs would enable all the residential units to face north toward Central Park. During construction, three alternatives for the massing and twenty-three alternatives for the floor slabs were studied.
The base of the building includes a smaller section on Central Park South, called "The Villas". This section is 18 stories tall, with a deep
setback above the sixth floor and several smaller setbacks on upper floors.
Portions of the Villas' facade contain metal balconies in front of the windows.
According to
Emporis
Emporis GmbH was a real estate data mining company that was headquartered in Hamburg, Germany. The company collected data and photographs of buildings worldwide, which were published in an online database from 2000 to September 2022.
On 12 Sept ...
, The Villas stands tall.
Both sections of the building share a lobby and a three-story basement.
Facade
![Columbus Circle area Oct 2020 63](https://upload.wikimedia.org/wikipedia/commons/8/83/Columbus_Circle_area_Oct_2020_63.jpg)
220 Central Park South has a limestone facade similar to other buildings by Stern such as
15 Central Park West
15 Central Park West (also known as 15 CPW) is a luxury residential condominium along Central Park West, between 61st and 62nd Streets adjacent to Central Park, on the Upper West Side of Manhattan in New York City. It was constructed from 2005 t ...
. 220 CPS's facade of Alabama "Silver Shadow" limestone has a "marbled" appearance (in contrast to 15 CPW's more uniform Indiana limestone). The usage of limestone was intended to blend with the more traditional facades of other buildings on Central Park's perimeter. According to Stern, 220 Central Park South's design was to "belong to the family of buildings that have framed Central Park for generations".
Because of 220 Central Park South's height, it was infeasible to use hand-set or precast limestone sections, so the facade was instead designed as a
curtain wall with window openings.
The facade contains windows with detailed designs as well as a decorative rooftop crown.
The Villa is also clad with the same Alabama limestone.
Structural features
220 Central Park South's
foundation
Foundation may refer to:
* Foundation (nonprofit), a type of charitable organization
** Foundation (United States law), a type of charitable organization in the U.S.
** Private foundation, a charitable organization that, while serving a good cause ...
consists of three concrete "mats", each measuring thick and collectively containing over of concrete. The foundation "mats" sit on a layer of
bedrock
In geology, bedrock is solid Rock (geology), rock that lies under loose material (regolith) within the crust (geology), crust of Earth or another terrestrial planet.
Definition
Bedrock is the solid rock that underlies looser surface mater ...
over deep, and 142 rock anchors were drilled into the bedrock and foundations to prevent overturning within the tower.
220 Central Park South's
superstructure
A superstructure is an upward extension of an existing structure above a baseline. This term is applied to various kinds of physical structures such as buildings, bridges, or ships.
Aboard ships and large boats
On water craft, the superstruct ...
is concealed within its curtain walls. To maximize floor area, four large columns were installed along the northern side, a structural core on the southern side, and three smaller columns each on the western and eastern sides. This design was chosen over an alternative that would have placed several smaller columns on each side, but which was rejected because the developer did not want columns to be so closely spaced along the facade.
To maximize usable space on the upper floors, and thus maximize revenue from apartment sales, the mechanical equipment was placed at the base of the main tower on 58th Street.
The mechanical equipment occupies six stories, each with ceiling heights of , taking advantage of a zoning provision to maximize the tower's height. Accordingly, the mechanical equipment takes up of the tower's height, and the lowest condominiums in the main tower are above ground level. The roof of the main tower contains a
slosh damper, which uses a huge tank of water to reduce vibrations. The damper weighs .
Interior
Apartments
There are 118 apartments,
most of which are
duplex apartments. The apartments contain features such as oak flooring, custom millwork, and marble cladding of the kitchen islands and restrooms.
Sources disagree on how many apartments are within the Villas section of the building. According to 6sqft, the Villas contains 13 condominium units,
while according to ''
The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid ...
'', the Villas has 10 condos.
Details of interior designs are scarce; ''
The Wall Street Journal
''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...
'' reported in late 2018 that the building's developer,
Vornado, refused to publish renderings of apartment interiors.
Some of the upper floors are designed so that they contain a single unit on each floor, or units spanning multiple floors.
Some of the units have been combined to create larger penthouse or duplex apartments. For example, Vornado created a four-story "mega condo" by combining the duplex on the 50th and 51st floors with three units on the 52nd and 53rd floors.
Amenities
The two wings of 220 Central Park South abut a motor court with a
porte-cochere, where vehicles could drop off and pick up residents and their guests. The building also has a wine cellar, an saltwater swimming pool, private dining rooms, an athletic club, a juice bar, a library, a basketball court, a golf simulator and a children's play area.
In 2019,
was selected to operate a residents-only, 54-seat restaurant at the second floor.
History
Land acquisition and planning
In early 2005, Korein's estate placed the old building for sale. Because of the valuable
air rights
Air rights are the property interest in the "space" above the earth's surface. Generally speaking, owning, or renting, land or a building includes the right to use and build in the space above the land without interference by others.
This legal ...
involved, one uninvolved broker estimated that the property would sell for as much as $160–175 million. At the time, the building had 47 tenants in
rent-stabilized apartments, and 40% of the units were vacant. The Clarett Group was interested in purchasing the old 220 Central Park South, but did not have enough money to pay for the building up front. Warren Fink, the chief investment officer of the Clarett Group, contacted Vornado CEO
Steven Roth
Steven Roth (born 1941) is an American real estate investor, the founder and chairman of Vornado Realty Trust, the largest commercial landlord in New York City. He is also co-founder and managing general partner of Interstate Properties, and chai ...
and Vornado president
Michael D. Fascitelli to join in the purchase.
The old building was purchased in August 2005 by Vornado for $136.6 million.
Vornado intended to demolish the building and erect a 41-story glass tower, and served
eviction
Eviction is the removal of a tenant from rental property by the landlord. In some jurisdictions it may also involve the removal of persons from premises that were foreclosed by a mortgagee (often, the prior owners who defaulted on a mortgage ...
notices to the building's eighty tenants in 2006. However, some of the rent-stabilized tenants refused to vacate, filing a lawsuit against Vornado. Although the
New York Supreme Court
The Supreme Court of the State of New York is the trial-level court of general jurisdiction in the New York State Unified Court System. (Its Appellate Division is also the highest intermediate appellate court.) It is vested with unlimited civ ...
initially ruled in favor of the tenants in 2008 under the grounds that a proper environmental review had not been conducted, this was overturned upon appeal in 2009.
The developer ultimately settled with tenants the following year, paying between $1.3 million and $1.56 million each to those remaining in the building. Demolition of the existing structure began in 2012 and was completed in early 2013.
Meanwhile,
Extell Development had leased the parking garage under part of the old building's site in 2006.
Extell's CEO,
Gary Barnett
Gary Lee Barnett (born May 23, 1946) is a former American football player and coach. He served as the head coach at Fort Lewis College (1982–1983), Northwestern University (1992–1998), and the University of Colorado at Boulder (1999–2005), ...
, stated that he leased the garage so that he would have enough parking for his own nearby developments.
However, Extell repeatedly refused Vornado's attempts at a buyout or settlement.
The dispute likely originated from the fact that Vornado's proposed building would block the views of Extell's proposed Central Park Tower development directly to the south, for which Extell had started acquiring land in 2005.
The
New York City Department of Buildings
The New York City Department of Buildings (DOB) is the department of the New York City government that enforces the city's building codes and zoning regulations, issues building permits, licenses, registers and disciplines certain construction tra ...
(DOB) fined Extell in May 2012, after Vornado claimed that Extell had violated the terms of the lease because residents of the empty rental building were not the main patrons of the garage. Vornado alleged that Extell had
defaulted on the lease, having supposedly violated the lease terms, even though Extell's lease ran through 2018. Extell then sued Vornado that August, claiming that Vornado had intentionally created the violation by first emptying the building of tenants. A court
enjoined
An injunction is a legal remedy, legal and equitable remedy in the form of a special court order that compels a party (law), party to do or refrain from specific acts. ("The United States courts of appeals, court of appeals ... has exclusive ju ...
the eviction in July 2013, permitting Extell to continue holding the garage.
In October 2013, the two companies reached a settlement in which Vornado would give Extell $194 million for the garage and some
air rights
Air rights are the property interest in the "space" above the earth's surface. Generally speaking, owning, or renting, land or a building includes the right to use and build in the space above the land without interference by others.
This legal ...
.
As part of the deal, 220 Central Park South would be shifted slightly westward and Central Park Tower would be cantilevered slightly eastward, giving the latter a direct view of Central Park.
Without Central Park Tower's cantilever, 220 Central Park South would have blocked the first of Central Park Tower.
Vornado reported the total land cost for the new building to be over $515.4 million,
or .
Construction and financing
In early 2014, the
Bank of China
The Bank of China (BOC; ) is a Chinese majority state-owned commercial bank headquartered in Beijing and the fourth largest bank in the world.
The Bank of China was founded in 1912 by the Republican government as China's central bank, repl ...
gave Vornado a $600 million loan for the building's construction. Robert A. M. Stern was hired to create updated designs for the building, which were approved by the
New York City Department of Buildings
The New York City Department of Buildings (DOB) is the department of the New York City government that enforces the city's building codes and zoning regulations, issues building permits, licenses, registers and disciplines certain construction tra ...
. in March 2014. The plans called for 83 apartments to be built inside a new 69-story, tower at the site, and an additional 10 apartments in an adjoining 10-story "Villa". Site excavation was underway by May 2014. Construction of the foundations involved manual hammering and controlled blasts to reduce damage to several nearby buildings, including some New York City designated landmarks.
As late as April 2015, there was little information on the project and the building was still planned to have 93 total apartments. However, by May 2015, the building was proposed to contain 118 apartments. By that time, about a third of the units were already in contract, representing a combined $1.1 billion, even though public offerings had not yet started.
That September, Vornado increased its Bank of China loan by $350 million and terminated a commitment for a $500 million
mezzanine loan
In finance, mezzanine capital is any subordinated debt or preferred equity instrument that represents a claim on a company's assets which is senior only to that of the common shares. Mezzanine financings can be structured either as debt (typicall ...
. Two months later, Vornado received an additional loan for the project, a $750 million unsecured term loan from multiple lenders.
The base of the tower was under construction by late 2015. Aboveground work reached 15 stories in February 2016 and 25 stories by that May. In November 2016,
Justin Casquejo, a thrill-seeking teenage
free solo climber and
stunt performer
A stunt performer, often called a stuntman or stuntwoman and occasionally stuntperson or stunt-person, is a trained professional who performs daring acts, often as a career. Stunt performers usually appear in films or on television, as opposed ...
, hung from the not-yet-completed tower. The construction process was generally secretive, leading real estate magazine ''
The Real Deal'' to report in July 2018, "It has now been two years, eight months and 28 days since Vornado Realty Trust deigned to update Wall Street on sales at 220 Central Park South." According to Roth, the lack of updates was an intentional move for "competitive reasons". Brokers and lawyers uncovered floor plans and proposed prices by reviewing an offering plan filed with the
Attorney General of New York, while reporters filed
Freedom of Information Act Freedom of Information Act may refer to the following legislations in different jurisdictions which mandate the national government to disclose certain data to the general public upon request:
* Freedom of Information Act 1982, the Australian act
* ...
requests to recover data from the offering plan.
Completion
Facade work was finished by September 2018. By the end of that month, approximately 83% of the condominium units were under sales contracts, and closings were scheduled through 2020.
The first residents started moving into the building in late 2018, and Vornado extended its $750 million unsecured term loan at that time, with the loan's
maturity being pushed from 2020 to 2024.
By July 2019, exterior finishes were being placed on 220 Central Park South, and Vornado had repaid its full $950 million loan to the Bank of China.
Later the same year, ''The Wall Street Journal'' wrote of the building's success as a "positive sign" for an otherwise unfavorable luxury real estate market. Vornado planned to use sales income from 220 Central Park South to finance
capital expenditure
Capital expenditure or capital expense (capex or CAPEX) is the money an organization or corporate entity spends to buy, maintain, or improve its fixed assets, such as buildings, vehicles, equipment, or land. It is considered a capital expenditure ...
s of its other properties. By September 2020, the last exterior pieces were put on the building.
In total, 220 Central Park South cost $1.5 billion to construct.
Including hard construction costs, the building was estimated to cost .
Despite a general decrease in real estate sales in 2020 due to the
COVID-19 pandemic in New York City
The first case of the COVID-19 pandemic in New York City was confirmed on March 1, 2020, though later research showed that the novel coronavirus had been circulating in New York City since January, with cases of community transmission confirme ...
, other units at 220 Central Park South were among the most expensive sold in New York City during that time. Only thirty condominiums remained to be sold by September 2020.
Although Vornado lost hundreds of millions of dollars during 2020, because of a commercial real estate downturn caused by the pandemic, the company was able to lessen the loss with revenue from the sales of units at 220 Central Park South. The building accounted for $592 million in condominium sales in the third quarter of 2020, out of $1.85 billion in sales in the entire borough of Manhattan during that time.
Residents
Many of the buyers at 220 Central Park South chose to remain anonymous, purchasing units at the building through
limited liability companies
A limited liability company (LLC for short) is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a ...
. According to a 2018 ''The Wall Street Journal'' article, neither Vornado nor the building's selling agent
Corcoran Group
Corcoran Group is an American real estate firm founded in 1973 by Barbara Corcoran.
History
Barbara Corcoran, a former diner waitress, founded her own real estate company in 1973 with a $1,000 loan. In 2001, Barbara Corcoran sold her company t ...
were willing to divulge buyers' identities.
In addition, ''The Real Deal'' reported in 2016 that the building did not have a public website, in contrast to other condominiums. Prospective buyers had to be represented by a
real estate broker
A real estate agent or real estate broker is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agen ...
, who would request a questionnaire with personal questions about the buyer. If a prospective buyer's responses were deemed satisfactory, they would view a sales office, and Roth would personally interview the buyer, an unusual move for luxury condominiums. Richard Steinberg of the brokerage
Douglas Elliman said, "Even if you had the money, it wasn’t guaranteed you could get a visit."
Notable confirmed buyers include executives such as
Renata de Camargo Nascimento, co-owner of Brazilian construction company
Camargo Correa;
Albert Behler, CEO of
Paramount Group
Paramount Group is a Global Aerospace & Defence group of companies operating in the global defence, internal security and peacekeeping industries. Established in South Africa in 1994, it offers a range of military aircraft, armoured vehicles, ma ...
;
Byron Allen
Byron Allen Folks (born April 22, 1961) is the founder of the U.S. entertainment company Entertainment Studios which includes The Weather Channel. He is also a television producer, philanthropist, and comedian in his younger years.
Notable s ...
, CEO of
Entertainment Studios
Entertainment Studios, Inc., also known as Allen Media Group, is an American media and entertainment company based in Los Angeles. Owned and founded in 1993 by businessman Byron Allen, the company was initially involved in the production and d ...
;
Eric Smidt
Eric L. Smidt (born 1960) is an American businessman. He is chairman and CEO of Harbor Freight Tools, which operates over 1,300 retail hardware stores in 48 states and generated revenue of approximately $6.5 billion according to an August 2021 ...
, CEO of
Harbor Freight Tools
Harbor Freight Tools, commonly referred to as Harbor Freight, is a privately held tool and equipment retailer, headquartered in Calabasas, California, United States. It operates a chain of retail stores, as well as an e-commerce business. The com ...
;
finance executive Andrew Zaro;
and real estate executives Ofer Yardeniand
and
Richard Leibovitch.
Other buyers have included billionaire hedge fund managers
Daniel Och
Daniel Och (born 1961) is an American billionaire hedge fund manager, and philanthropist. He is the founder, chairman and former CEO of Och-Ziff Capital Management, a global hedge fund and alternative asset management firm. According to ' ...
and
Kenneth C. Griffin
Kenneth Cordele Griffin (born October 15, 1968) is an American hedge fund manager, entrepreneur and investor. He is the founder, chief executive officer, co-chief investment officer, and 80% owner of Citadel LLC, a multinational hedge fund. He ...
;
real estate developer
David Mandelbaum; musician
Sting
Sting may refer to:
* Stinger or sting, a structure of an animal to inject venom, or the injury produced by a stinger
* Irritating hairs or prickles of a stinging plant, or the plant itself
Fictional characters and entities
* Sting (Middle-eart ...
and his wife, producer and actor
Trudie Styler
Trudie Styler (born 6 January 1954) is an English actress and film producer.
Early life and family
Styler was born in Bromsgrove, Worcestershire, the daughter of Pauline and Harry Styler, a farmer and factory worker. When Styler was two years ...
; and billionaire pharmaceutical businessman
Ge Li
Ge Li (Chinese: 李革) is a Chinese American entrepreneur and philanthropist. He is the founder and chairman of WuXi AppTec, a contract pharmaceutical research firm.
He is one of the richest men in China and the United States.
Career
Ge Li ...
.
Apartment sales
The first sales contract closed on October 24, 2018, on a unit selling for $16.4 million. The first apartment in the Villas was sold the following year, in May 2019.
The first listing for an apartment resale in the building occurred in January 2020, when Leibovitch listed his four-bedroom apartment for $36 million, a $10 million markup from the price at which he had purchased it.
He subsequently lowered the price to $33 million, and the unit was sold at that price in September 2021.
220 Central Park South has had some of the most expensive residential real estate transactions in New York City's history. Griffin had agreed to purchase three floors in 2015 for $200 million, representing the city's costliest real estate purchase at the time. When Griffin finalized his purchase of a four-floor "mega condo" for $238 million in January 2019, it became the most expensive home ever sold in the United States,
despite being valued at only $9.4 million. That December, an anonymous individual's $100 million purchase of a duplex atop the building became the third costliest residential purchase in New York City; the deal was finalized in July 2020. In June 2021, two full-floor units at floors 60 and 61 were sold for a combined $157.5 million to
Joe Tsai, making it among the most expensive residential sales in New York City history;
both units had increased significantly in price from 2020, when the units had traded for a combined $100 million. The popularity of 220 Central Park South, compared with other Billionaires' Row buildings, was attributed to the fact that it was the only Billionaires' Row development that was directly on Central Park. In January 2022, Joe Tsai bought
Daniel Och
Daniel Och (born 1961) is an American billionaire hedge fund manager, and philanthropist. He is the founder, chairman and former CEO of Och-Ziff Capital Management, a global hedge fund and alternative asset management firm. According to ' ...
's penthouse at floor 73 for $188 million, the second-most-expensive residential unit in the United States.
References
External links
Vornado websiteRobert A.M. Stern Architects website
{{Midtown North, Manhattan
2010s in Manhattan
2019 establishments in New York City
59th Street (Manhattan)
Midtown Manhattan
New Classical architecture
Pencil towers in New York City
Residential buildings completed in 2019
Residential condominiums in New York City
Residential skyscrapers in Manhattan
Robert A. M. Stern buildings