While Manhattan’s housing market wallows in a COVID quagmire, Vornado Realty appears to be bucking the trend.
The powerhouse REIT just closed on the $49 million sale of a luxury condo at its Robert Stern-designed 220 Central Park South tower.
The sale was recorded in city records where the buyer was identified as CPC Realty Parnters, a Delaware limited liability company.
The duplex Villa 11 is situated in the 18-story “villa” section of the development, which includes an adjacent 79 story main tower.
The blockbuster deal is one of five closed of the tony tower during the three months ended June 30, 2020, that totaled $157 million and have earned Vornado a $55 million net gain, the company reported in the second quarter results.
During the six months ended June 30, 2020, Vornado closed on the sale of 11 condos at 220 CPS for net proceeds aggregating $348,188,000 resulting in a financial statement net gain of $124,284,000.
“The $49 million sale at 220 CPW is an exception these days,” said Corcoran broker Lawrence Rich. “It proves that special buildings are still demanding an incredible price.”
“The rest of the luxury Manhattan market is slow,” said Rich, “because of the pandemic people are being careful and a lot of buyers are still away for the summer.”
“Smart people should be buying now and if I didn’t already own an apartment, I would buy the biggest apartment I could afford now,” added Rich. “New York will come back and when it does it will be a stronger market than before. It may take a year or a little longer, but New York will be back.”
In a report issued yesterday (Wednesday) REBNY said that from June 2020 to July 2020, total residential sales volume in New York City has fallen 50 percent year-over-year.
