Trending News

Get Your Daily Dose of Trending News

Real Estate

An Apartment at 220 Central Park South Sells for $75 Million


A flurry of big sales closed in New York City during October, including one of the year’s priciest, a full-floor aerie at 220 Central Park South purchased in a private deal for $75 million.

The sellers, David Littman, who runs a lighting business, and his wife, Constance Littman, earned a huge profit in the transaction, having paid $55.5 million for the brand-new, 45th-floor unit just four years ago. The buyer was anonymous.

Other mega sales took place along nearby Billionaires’ Row. A 79th-floor apartment at 432 Park Avenue sold for $65.6 million; a new penthouse at Steinway Tower, at 111 West 57th Street, for just under $53 million; and a high-floor sponsor unit at 217 West 57th Street, a.k.a. Central Park Tower, for $46.2 million.

On the Upper East Side, at 768 Fifth Avenue, better known as the Plaza Condominium and Residences, an apartment sold for $65.8 million. The mansion once owned by the banker David Rockefeller, at 144-146 East 65th Street, sold for $47 million. And a few blocks away, the townhouse used in the film “The Devil Wears Prada,” as the home of Meryl Streep’s imperious character Miranda Priestly, sold for $26.5 million.

Also in October, the media executive Perry A. Sook and his wife, Sandy Sook, a retired teacher, bought a duplex penthouse on Central Park West. And two notable Park Avenue co-op duplexes closed — one sold by Marc E. Kasowitz, a trial lawyer who had represented former President Donald J. Trump, the other by the estate of Jeffrey Paley, the son of William S. Paley, the founder of CBS.

The $75 million sale of the 45th floor at 220 Central Park South is the city’s second-biggest in 2023 (so far), surpassed only by another purchase in the limestone complex: a duplex in the villa portion that sold for $80 million in August.

But the buyer in the more recent deal, using the limited liability company 220 CPS Parkview, actually spent more in total. The entity also acquired a two-bedroom, two-bathroom unit on the 19th floor in May for $5 million.

Elizabeth Sahlman of Compass represented the sellers in both of those closings.

Mr. Litton is the founder and chief executive of the Hudson Valley Lighting Group, a purveyor of high-end home lighting products based in Wappingers Falls, N.Y.

The 45th-floor apartment encompasses 6,591 square feet and includes five bedrooms, six full bathrooms and two powder rooms, along with two 48-square-foot balconies that provide panoramic park views.

The 70-story Central Park South skyscraper, near Columbus Circle, remains the city’s most expensive residential building, and arguably the world’s most profitable. It is home to the nation’s highest-priced single residence: four full floors that were bought by the hedge fund manager Kenneth C. Griffin in early 2019 for nearly $240 million.

And while some Manhattan luxury buildings have seen resales going for less than the original sale price, or at modest increases, 220 Central Park South apartments have more than held their value — the 45th-floor unit sold for 35 percent more than the original sale price — in large part because of the skyscraper’s desirable proximity to the park.

On Billionaires’ Row, the apartment at 432 Park Avenue sold for around 11 percent more than what the anonymous seller had paid to the building’s sponsor in 2016 — $65.6 million vs. $59.1 million.

Still, this was a lot less than the $135 million initially sought when it was re-listed in 2021; the price was lowered to $92 million this past summer. Also, it’s not known how much money the seller had to put into the apartment, having bought it as a “white box,” according to the listing, devoid of interior walls or finishes.

The real owners were Craig Effron, a founding partner of the Scoggin Capital Management hedge fund, and his wife, Caryn Effron, an angel investor. The two had bought the house in 2003 for $8.8 million, then had a full renovation a couple of years later. They placed it back on the market last spring for $27.5 million.

The buyer was the 129 East 73rd Street Corporation.

The limestone and marble structure — 22 feet wide and six stories high — has 12,000 square feet of interior space, which features seven bedrooms, seven bathrooms, two powder rooms, a home gym and a library. There are also six fireplaces, and tons of outdoor space, including a rear garden off the main kitchen (not to be confused with the service kitchen), terraces off two bedrooms and the dining room.

At the top floor, used for storage, is a terrace with a hot tub and a custom basketball court.

Among the duplex deals, the Sooks paid almost $15.1 million for their penthouse at 360 Central Park West, a 16-story, neo-Renaissance building designed by the architect Rosario Candela in the late 1920s.

Their new apartment has 4,354 square feet of interior space, plus a 1,065-square-foot wraparound terrace off the main entertaining space at the top level — a great spot to see the fall foliage in the park. On the lower level are four bedrooms, as well as a media room with a wet bar and a den. The home also has three and a half bathrooms.

Mr. Sook is the chairman and chief executive of the Nexstar Media Group, which owns TV stations around the country.

At 1160 Park Avenue, at East 92nd Street, Mr. Kasowitz got $8 million for his six-bedroom, four-and-a-half-bathroom duplex. He sold it through a trust; the buyer was Robin Swid, an actress. Mr. Kasowitz, a longtime lawyer for Mr. Trump, had represented him during the federal investigation into Russian interference in the 2016 presidential elections.

Mr. Paley’s wide-ranging career included work as a columnist in Paris, an art gallery owner in SoHo and a private investor. The buyers were listed as Eli A. Kraicer, an investment analyst, and Jordana P. Fribourg, a philanthropist.


Sahred From Source link Real Estate

Leave a Reply

Your email address will not be published. Required fields are marked *