New Reporter
23-09-21, 10:46
Home on Billionaires’ Row in Manhattan Sells for $33 Million, $7 Million More Than It Traded for in 2018
The residence, at the Robert A.M. Stern-designed 220 Central Park South, has sweeping views of the park
By V.L. HENDRICKSON
September 22, 2021
https://i.imgur.com/CnJGSHc.png
220 Central Park South (TIMOTHY A. CLARY/AFP via Getty Images)
A 31st-floor residence at the Robert A.M. Stern-designed tower 220 Central Park South on Manhattan’s Billionaires’ Row has sold for $33 million, according to public records filed on Tuesday.
The resale of the unit handed a $7 million profit to seller Richard Leibovitch, the co-founder and managing partner of New York City-based Arel Capital, a private equity real estate firm. He purchased the residence in 2018 for about $26.2 million, according to records with PropertyShark.
Overlooking Central Park, the residence features high ceilings, a chef’s kitchen with marble countertops and SubZero and Miele appliances, four en-suite bedrooms, storage space and a parking spot, according to the listing with Manju Jasty of The Corcoran Group. She declined to comment for this article.
It was first listed in January 2020 for $36 million, Mansion Global reported. Representatives for Mr. Leibovitch did not immediately return requests for comment.
The buyer was a trust registered to Jonathan D. Lewis in Coconut Grove, Florida, according to public records. Representatives for Mr. Lewis did not immediately respond to requests for comment.
Mr. Leibovitch’s success defies a recent trend among the towers of Billionaires’ Row, where profits on resales have been hit or miss.
A number of deals at 220 Central Park South have made money for their sellers, including the first resale in the building, a three-bedroom residence that closed in April for $33 million, about 23% more than the seller paid in 2020, The Wall Street Journal reported. The buyer was Igor Tulchinsky, founder and chief executive of WorldQuant, a hedge fund based in Greenwich, Connecticut.
In May, two units in the building resold in a deal for a combined $157.5 million, The Wall Street Journal also reported. The mystery buyer paid $82.5 million for a full-floor, 5,935-square-foot unit on the 60th floor, and $75 million for the full-floor apartment above. Both of the units had last changed hands in 2020 for $51.4 million and $50.9 million, respectively. The buyer was a limited liability company registered to a Nashville address.
But down the street at One57, the 2013 tower designed by Pritzker Prize-winning architect Christian de Portzamparc, a more than 6,000-square-foot unit sold in June 2020 for a $20 million discount, Mansion Global reported. The sale was during the height of the Covid-19 pandemic in the city.
More recently, a roughly 6,200-square-foot home at One57 sold over the summer for $34.5 million to Robert Herjavec, the founder of an eponymous IT security firm and a regular on “Shark Tank,” The Wall Street Journal reported. The unit last traded for $47.37 million and was originally listed for $45 million.
The residence, at the Robert A.M. Stern-designed 220 Central Park South, has sweeping views of the park
By V.L. HENDRICKSON
September 22, 2021
https://i.imgur.com/CnJGSHc.png
220 Central Park South (TIMOTHY A. CLARY/AFP via Getty Images)
A 31st-floor residence at the Robert A.M. Stern-designed tower 220 Central Park South on Manhattan’s Billionaires’ Row has sold for $33 million, according to public records filed on Tuesday.
The resale of the unit handed a $7 million profit to seller Richard Leibovitch, the co-founder and managing partner of New York City-based Arel Capital, a private equity real estate firm. He purchased the residence in 2018 for about $26.2 million, according to records with PropertyShark.
Overlooking Central Park, the residence features high ceilings, a chef’s kitchen with marble countertops and SubZero and Miele appliances, four en-suite bedrooms, storage space and a parking spot, according to the listing with Manju Jasty of The Corcoran Group. She declined to comment for this article.
It was first listed in January 2020 for $36 million, Mansion Global reported. Representatives for Mr. Leibovitch did not immediately return requests for comment.
The buyer was a trust registered to Jonathan D. Lewis in Coconut Grove, Florida, according to public records. Representatives for Mr. Lewis did not immediately respond to requests for comment.
Mr. Leibovitch’s success defies a recent trend among the towers of Billionaires’ Row, where profits on resales have been hit or miss.
A number of deals at 220 Central Park South have made money for their sellers, including the first resale in the building, a three-bedroom residence that closed in April for $33 million, about 23% more than the seller paid in 2020, The Wall Street Journal reported. The buyer was Igor Tulchinsky, founder and chief executive of WorldQuant, a hedge fund based in Greenwich, Connecticut.
In May, two units in the building resold in a deal for a combined $157.5 million, The Wall Street Journal also reported. The mystery buyer paid $82.5 million for a full-floor, 5,935-square-foot unit on the 60th floor, and $75 million for the full-floor apartment above. Both of the units had last changed hands in 2020 for $51.4 million and $50.9 million, respectively. The buyer was a limited liability company registered to a Nashville address.
But down the street at One57, the 2013 tower designed by Pritzker Prize-winning architect Christian de Portzamparc, a more than 6,000-square-foot unit sold in June 2020 for a $20 million discount, Mansion Global reported. The sale was during the height of the Covid-19 pandemic in the city.
More recently, a roughly 6,200-square-foot home at One57 sold over the summer for $34.5 million to Robert Herjavec, the founder of an eponymous IT security firm and a regular on “Shark Tank,” The Wall Street Journal reported. The unit last traded for $47.37 million and was originally listed for $45 million.