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Recent sales at Central Park Tower close below their asking prices reflecting falling values at Billionaires' Row residences

2021-11-02T19:30:00-04:00

The supertall Central Park Tower, the latest addition by Extell Development to Midtown Manhattan’s Billionaires’ Row, had more recorded sales in October, including two full-floor aeries. But both of them, like other recent transactions in the new building, closed well below their asking price.

Of all the recent sales at Central Park Tower, just one was made around the asking price. At the Adrian Smith + Gordon Gill-designed luxury skyscraper, which boasts the highest roof in the Western Hemisphere, The New York Times reports three recent apartment sales well below their listed prices. An apartment listed for $78.1 million sold for $48 million; a similar-sized unit listed for $63 million sold for $40.8 million; and another listed for $14.7 million sold for $12.3 million.

This trend according to appraiser Jonathan J. Miller of Miller Samuel is present in other Billionaires’ Row residences, noting that resales at other luxury skyscrapers have not held their value. “Prices in general for Billionaires’ Row peaked in 2015-2016, and since then, they have fallen 25 to 50 percent, depending on the building.”

At the nearby RAMSA-designed 220 Central Park South, however, which sits just outside Billionaires' Row, The New York Times reports a $66 million sale, approximately $15.6 mi...

RAMSA's 950-foot-tall Central Park tower heads toward the finish line

2020-04-30T17:19:00-04:00

A buff stone-clad supertall tower designed by Robert A.M. Stern Architects (RAMSA) in New York City is nearing the final stages of construction.

The 950-foot-tall building, 220 Central Park South, rises from a site directly opposite Central Park's southern edge as a relatively modest 18-story "villa" apartment complex overlooked from behind by a massive, skinny tower.

Construction on the site has been ongoing since 2013 and is finally heading toward completion. The tower is marked by a traditional arrangement of punched widows and protruding balconies that interrupt otherwise monolithic stone facades. As the tower rises, it steps back slightly as it rises toward a more dramatically stepped top.

A massive 23,000-square-foot penthouse suite located within the tower sold last year for $230 million, making the unit the most expensive home in the United States at the time.

New York YIMBY reports that SLCE Architects is the executive architect and that Thierry W. Despont is providing i...

New York real estate stories in 2019

2019-12-30T21:35:00-05:00

There were highs and lows for New York real estate this year. Sales records were broken, but the overall market hit the brakes, even as mortgage rates stayed low. Design took center stage in many new developments, and Hudson Yards opened to great fanfare.

The New York Times takes a look back at the 2019 real estate highlights in the nation's biggest city. The roundup features a number of property stories that were also published (and some hotly debated) on Archinect, including the recently opened, Robert A.M. Stern-designed 220 Central Park South with its record-setting $238 million penthouse sale in January, rapid-fire completions and topping-outs this year at the Hudson Yards development (did someone say Vessel?), and the steadily slowing condo sales despite record-breaking residential construction in New York City.

If the astronomical NYC property price tags leave you dizzy and unbalanced, revisit the pre-Christmas announcement of Mayor de Blasio pledging to end 'street homelessness as we know it' within five years.

Hudson Yards and Stern-designed towers dominate NYC's ultraluxury real estate sales

2019-06-11T14:03:00-04:00

Manhattan’s latest crop of new luxury developments continues to attract a steady stream of buyers. At the ultra-pricey 220 Central Park South in Midtown, the grand limestone skyscraper designed by Robert A.M. Stern Architects, four more units officially sold, including New York City’s most expensive closing in May: a three-bedroom aerie for nearly $26.5 million.

The NYT's Vivian Marino provides an update on the biggest recent luxury real estate transactions in New York City with notably pricey purchases at Robert A.M. Stern's 220 Central Park South and 250 West 81st Street towers and also at the newly opened Hudson Yards mammoth development.

"Philip I. Kent, the former chief executive of Turner Broadcasting System, was one of the many buyers at 15 Hudson Yards, the megaproject’s first residential tower. (Oh, and the architect who helped design that building also bought an apartment — in Greenpoint, Brooklyn.)," writes Marino.

Megapenthouse at Stern-designed 220 Central Park South sells for $238M, now the most expensive home sold in the U.S.

2019-01-25T15:45:00-05:00

Hedge funder Ken Griffin has closed on a massive penthouse at 220 Central Park South, paying a record-shattering $238 million, according to sources familiar with the deal. The Citadel founder has long been rumored as the buyer of the condominium’s most lavish spread — a 23,000-square-foot quadplex encompassing the 50th through 53rd floors of the limestone tower, developed by Vornado Realty Trust and designed by Robert A.M. Stern. The asking price was $250 million.

After Ken Griffin dropped a sweet quarter billion on his new NYC digs, he didn't appear entirely penniless and recently secured a few other neat places to crash when traveling to London, Chicago, or Miami. "Earlier this week, he reportedly scooped up a house in London for around $122 million," reports The Real Deal. "In 2017, he shelled out $58.75 million for several floors of No. 9 Walton, a condominium in Chicago, and in 2015, set a record in Miami be shelling out $60 million for a penthouse at Faena House."

It's official: $250M mega penthouse in Stern-designed 220 Central Park South tower is now NYC's priciest address

2016-05-05T17:32:00-04:00

It has been whispered about for months, but now it’s official: Vornado Realty Trust is offering up a palatial four-floor apartment at 220 Central Park South that is priced at a record-smashing $250 million. The massive condominium will encompass floors 50 through 53 of the Robert A.M. Stern-designed limestone tower, and it will span some 23,000 square feet [...]. The asking price works out to nearly $11,000 per square foot.

Previously on Archinect: This $250M mega penthouse might become New York's priciest home

This $250M mega penthouse might become New York's priciest home

2015-06-17T15:55:00-04:00

Vornado's super luxury tower at 220 Central Park South isn't even out of the ground yet, but billionaire buyers seemingly can't wait to stash their stacks of cash in the 950-foot-tall tower. The Real Deal hears rumblings that a Qatari investor is eyeing a monstrous spread that would cost around $250 million, making it easily the most expensive home in New York City. It would completely obliterate the current record, the $100 million sale at One57.

Robert A.M. Stern's NYC condo towers have a habit of attracting record bids (previously: NYC’s Most Expensive Condo to Be Listed at $130 Million).