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Jun 24
2015
$250 million sale at 220 Central Park South to a Qatari buyer will set the new world record

mysterious Qatari buyer is trying to combine several apartments at the luxurious 220 Central Park South into one magnificent penthouse valued at $250 million, according to The Real Deal’s sources. If the purchases were to be completed, this wealthy Qatari would own one of the most expensive homes in the world and the priciest by far in New York City.

The exact units intended to be combined is unclear, and no comment was made by the representative of Corcoran Sunshine, which is marketing the 118 units of the project for the developer Vornado Realty Trust.

Seven penthouses are included in the most recent design plans created by Robert A.M. Stern. The five penthouses that are priced are all tagged over $50 million. The two highest units 75 and 76 still do not have price tags, which leaves them open to combining into a close to 14,000-square-foot super penthouse. The most expensive currently listed is penthouse 73, which is close to 10,000 square feet and priced at $100 million, and is in contract already sources say.

According to TRD, a source familiar with the project said that the developer, buyer and architect are still working out the details for the combination unit.

The current record price for a New York penthouse is held by Extell Development’s One 57, which sold in January for $100.5 million; this will be left in the dust by the 220 CPS’s $250 million penthouse combo. As will the highest priced apartment on its way into the market, which will be the penthouse at 550 Madison Avenue, Chetrit’s Group conversion on the Sony Building, donning a price tag of $150 million. The most expensive listings currently in the United States are still only at $195 million, and are the Ziff estate in Manalapan, Florida, and the Palazzo di Amore mansion in Beverly Hills.

The world record may even be broken by this exuberantly priced penthouse. According to TRD, a unanimous buyer paid 140 million pounds in 2014 for a luxury unit in London’s One Hyde Park. This price translates to $237 million in 2014, and $220 million with the current exchange rate.

Despite talk of the market for ultra-luxury apartments being on the decline, 220 Central Park South has had no trouble selling its units. Vornado announced in May that in a mere 6 weeks it sold $1.1 billion worth of the building’s units.

At the time, CEO Steve Roth said, “We’re delivering the best product that’s ever been delivered in the Manhattan residential market. We’re going to get a fair price for a fair product.” The total sellout for the building is expected to be $2.84 billion.

In recent years, extremely wealthy Qataris have actively invested in luxury real estate in New York City. Aby Rosen received $47 million in 2012, from Qatar’s Prime Minister Sheikh Hamad bin Jassim bin Jaber Al-Thani for his townhouse at 22 East 71st Street. TRD reported that, “A year later, he paid $35 million for a six-bedroom townhouse at Beekman Place. And in 2014 the Qatari government briefly entered contract to buy a townhouse at 19 East 64th Street, before walking away from the deal.”

 

Source: http://www.jewishvoiceny.com/index.php?option=com_content&view=article&id=11415:mystery-qatari-buyer-to-spend-250m-on-penthouse-combo&catid=112:new-york&Itemid=295

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