In the opulent realm of Billionaires’ Row in New York City, a stunning condominium located at 220 Central Park South is on the verge of being sold for a staggering $75 million, generating the Seller a whopping $20 Million Profit.
If the deal goes through, this remarkable property will be among the most expensive apartments to be traded in New York City this year.
Not only will it set a new benchmark for luxury real estate, but it will also yield a remarkable profit of over $20 million for the seller. Let’s delve into the details of this extraordinary transaction.
Record-Breaking Sale Rumored
According to reliable sources, the condominium at 220 Central Park South is currently in contract for approximately $75 million. This substantial price tag positions it as one of the most prestigious residential sales of the year in the city. Esteemed appraiser Jonathan Miller from Miller Samuel confirms that this transaction will indeed be one of the most significant residential sales in New York City for the year. The seller, a limited liability company known as 220 CPS 64, acquired the property in 2020 for nearly $54 million, making this sale a remarkable achievement.
Exquisite Features and Exclusive Location
Situated on the 64th floor of the luxurious limestone high-rise, this opulent unit spans approximately 6,000 square feet and boasts four spacious bedrooms, as per property records. Interestingly, the property was not officially listed for sale on prominent platforms like StreetEasy, adding to its allure and exclusivity.
220 Central Park South has recently witnessed several high-value transactions, despite the prevailing softness in Manhattan’s luxury real estate market. Real estate investor Ofer Yardeni, for instance, sold his unit in the building earlier this year for a jaw-dropping $33.8 million, representing a remarkable 52% return on his 2019 purchase. Moreover, lighting entrepreneur David Littman and his wife, Constance Littman, are currently in contract to sell their unit at the same address for a substantial amount, close to $80 million. The couple originally purchased the apartment for around $55.5 million in 2019.
Unparalleled Luxury
Designed by renowned architectural firm Robert A.M. Stern Architects, 220 Central Park South offers an unmatched living experience. Residents of this prestigious address enjoy exclusive amenities such as private dining rooms, an athletic club, a juice bar, a basketball court, and a golf simulator. The combination of luxurious features and an illustrious address on Billionaires’ Row makes this development truly exceptional.
Setting New Heights
While the Manhattan real estate market has seen sale prices reaching a peak of around $50 million this year, the potential $75 million transaction at 220 Central Park South sets a new standard for opulence and extravagance. It is worth noting that the record for the highest-priced condominium sale in New York City was set at this very address in 2019 when a unit sold for a staggering $240 million. This sale highlights the enduring allure and desirability of New York City’s most prestigious properties.
The imminent sale of the $75 million condominium at 220 Central Park South adds another illustrious chapter to the annals of Billionaires’ Row. As a testament to the extraordinary allure of this exclusive address, the seller stands to make a significant profit of over $20 million. This transaction underscores the resilience and enduring appeal of luxury real estate in New York City, solidifying the area’s reputation as the pinnacle of opulence and elegance.