Billionaires Are Willing to Spend $50 Million on CPS Units, Sight Unseen

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Would you buy a $50-million apartment, sight unseen? In the latest case of things that make sense to billionaires, Vornado Realty Trust has made it known that their newest limestone-clad condo tower, 220 Central Park South, designed by architect Richard A.M. Stern, has sold nearly half of its 118 units. Fourteen of those, Crains reports, sold for sums greater than $50 million each.  

When completed, the building will stand almost directly in front of the even-taller Nordstrom tower, along what has become known as “Billionaires’ Row.” It’s a relatively restrained building, compared to many of the new towers going up at the moment. Already, since part of the marketing plan for buildings like this seems to be leaking such information, hedge-fund billionaire Kenneth Griffin was reported to have purchased three floors in 220, totaling 18,000 square feet, for $200 million. A penthouse on the 73rd rivals the price Griffin is said to have paid, listing at $100 million for just 9,535 square feet. 

In a conference call announcing third-quarter earnings, Chief Executive Officer Steven Roth reassured investors that 45 percent of buyers were actual New Yorkers with plans to use their $50 million plus homes as primary residences. “This is not a home to offshore flight capital,” Roth said. These assurances comes as a large swatch of foreign wealth has snatched up some of the city’s most glamorous real estate, often for investment purposes. The $1.3 billion project is standing nine floors tall, at present, and is slated for completion in 2018.