Posted Feb 4, 2025, 1:37 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 56,674
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Remains to be seen if this site will sell for a billion, but Vornado's 220 CPS has surpassed $3 billion in sales...
https://www.crainsnewyork.com/real-estat...t-unit-billionaires-row-condo-13-million
C. J. Hughes
Feb 3, 2025
Quote:
Vornado is on the verge of crossing the finish line at 220 Central Park South and notching a $3.5 billion achievement.
The developer appears to have just a single apartment left to sell at the blockbuster Billionaires Row condo after unloading a two-bedroom unit last month, according to a Crain’s analysis of the city register.
The 70-story, 117-unit complex, which kicked off sales in 2015 and began finalizing purchases and moving in buyers three years later, expects a $3.5 billion haul once every sponsor unit is spoken for, according to filings with the state attorney general’s office.
And in a sign of how the tower’s fortunes have improved even as the overall residential market slowed, Vornado has boosted sales expectations at No. 220 over the past decade. Its initial 2015 offering plan anticipated a significantly lower $2.4 billion sell-out, filings show.
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If this property is developed right, it too could get some of the best numbers in the marketplace.
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