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Someone Might Actually Pay $250 Million for a New York Condo

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Vornado's super luxury tower at 220 Central Park South isn't even out of the ground yet, but billionaire buyers seemingly can't wait to stash their stacks of cash in the 950-foot-tall tower. The Real Deal hears rumblings that a Qatari investor is eyeing a monstrous spread that would cost around $250 million, making it easily the most expensive home in New York City. It would completely obliterate the current record, the $100 million sale at One57. (It's kind of fitting, actually that this building would top developer Gary Barnett's first supertall, considering that Barnett tried so, so hard to stop 220 Central Park South from ever happening. Payback really is a bitch, isn't it?)

The buyer is reportedly interested in combining multiple units, though it's unclear which units they are. So far, no condos in the Robert A.M. Stern-designed building have publicly listed, but public filings have revealed prices and floorplans for some of the units. A duplex on the 73rd and 74th floors will list for around $100 million, and the highest penthouse will ask a whopping $175 million. Another penthouse, one that measures 9,500 square feet, is already in contract for around $100 million. After just six weeks of sales, contracts had been signed for $1.1 billion worth of condos.

But the high prices aren't deterring any buyers. In fact, it seems like the prices are actually drawing buyers in. Isn't real estate this insane all about the status anyway? What billionaire doesn't want to be able to say to his friends, "Oh yeah, I spent $100 million for this. That's just pocket change! Ha ha ha ha ha!"?

That's probably what happens, but what do we know? Prices this high are so abstract and completely beyond the capacity of our poor, plebeian brains that get excited over no fee rentals and two-for-one drink specials.
· Qatari Buyer Eyes Record-Smashing $250M Spread at 220 CPS: Sources [TRD]
· 220 Central Park South Might Have A $175M Penthouse [Curbed]
· All 220 Central Park South coverage [Curbed]

220 Central Park South

220 Central Park South, New York, NY