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Development of 220 Central Park South Costs $5K Per Sq. Ft.

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We knew that Robert A.M. Stern's limestone tower at 220 Central Park South was expensive—it may be home to NYC's priciest condo, after all—but this is just bananas: according to The Real Deal, developer Vornado Realty Trust is spending a whopping $5,000 per square foot to build the 65-story building. That breaks down to $1,500 for the land it's sitting on, and $3,500 for everything else, including its over-the-top amenities (including private pools and multiple lobbies). The total cost of the building is now estimated to be $1.3 billion.

And if that wasn't mind-boggling enough, the condo—which is now more than 50 percent sold, despite not having listings open to the public—is set to break some sale records. According to TRD, which was on a sales call with Vornado CEO Steven Roth, 14 of the building's units sold for more than $50 million. (Yes, you read that right.) Its total sellout is estimated to be close to $3 billion, which would put it into the very exclusive club of NYC's most expensive buildings. (Though not the most expensive—it won't top Extell's $4.4 billion sellout at Central Park Tower.) But those ultra-rich buyers still have some time before they can occupy their pricey homes: the building isn't expected to be completed until 2018.
· Vornado spending $5,000 a foot to build 220 CPS [TRD]
· NYC's Most Expensive Condo Will Measure 18,000 Square Feet [Curbed]
· All 220 Central Park South Coverage [Curbed]

220 Central Park South

220 Central Park South, New York, NY