New markets require new approaches and new tactics. Experts and industry leaders will take the stage at Inman Connect New York in January to help you navigate the market shift — and prepare for the next one. Meet the moment and join us. Register here.

A full-floor penthouse at 220 Central Park South has sold for $72 million in one of the city’s biggest deals so far this year, The Wall Street Journal reported.

The 5,000-square-foot three-bedroom pad sold in an off-market deal.

The buyer could not immediately be determined. However, that same buyer also purchased a smaller $3 million unit in the building.

The property designed by Robert A.M. Stern Architects has seen a number of flashy deals in recent years, the biggest of which was the purchase of a $238 million penthouse in 2019 by hedge-funder Ken Griffin, which currently holds the title of priciest sale in the U.S.

In early 2022, Dan Och also sold a penthouse in the building for $188 million, almost doubling what he paid for the unit in 2019. The buyer of that penthouse was later revealed as Alibaba co-founder Joseph Tsai, who also owns the Brooklyn Nets.

The swanky building with a façade of Alabama Silver Shadow limestone includes a pool, athletic club and private restaurant. The property was developed by Vornado and Deborah Kern of the Corcoran Group leads sales for the building.

Like the residential real estate market at large, the luxury sector has seen sharp declines in recent months, as the Fed continues to hike interest rates and the global economy remains uncertain. Luxury sales in Manhattan declined 18.3 percent year over year in the third quarter of 2022, according to data from Douglas Elliman and Miller Samuel.

Email Lillian Dickerson

Lillian Dickerson

Source link

You May Also Like

Former NFL Star Chris Long Selling $3.35M Mountaintop Cabin in Virginia

Former defensive end Chris Long is ready to tackle a sale of…

Homebuyer Confidence Increases — Is The Housing Market Rebounding?

In this article Prospective homebuyers are getting a little more hopeful that…

Philadelphia home sales activity hits lowest level in 8 years, and experts say it's going to get worse

Activity on the Greater Philadelphia housing market in December hit its lowest…

Howard Jarvis group, apartment owners sue to block L.A.’s new housing tax

A coalition of real estate and antitax groups is seeking to prevent…

Tennessee’s Camp Cargo Is an Artistic Retreat Constructed From Shipping Containers

Welcome to Camp Cargo on 5 acres of forest land in the…

Circa 1990: What to know about kitchens and baths

Houses of this period, whether single-family or multifamily units, are hitting the…