New York Apartment for Sale: $250 Million

By Petr Svab, Epoch Times
May 30, 2016 1:43 pm Last Updated: May 30, 2016 5:12 pm

It’s common knowledge that a window view of New York’s Central Park saps a hefty premium from your account.

Still, one development company recently redefined what “premium” means, listing an apartment with a view of the iconic park for a surreal sum of $250 million.

The apartment spans floors 50 to 53 of the 220 Central Park South skyscraper; its developer, Vornado Realty Trust, revealed the price in a filing to the New York attorney general, The Real Deal reported.

Given recent headlines about New York apartments on sale for $100 million, $115 million, or even $120 million, another nine-figure listing may not sound that groundbreaking.

So let’s take a step back.

How much is $250 million in the real estate world?

It’s about the construction cost of the entire Chrysler Building—in today’s dollars.

For the same money you can buy the three of the most expensive estates in the Hamptons and still have enough money left to buy a 2-bedroom apartment on the Upper West Side—with a view of Central Park.

Sure, the 220 CPC offers 16 bedrooms and a large terrace—a total of 23,000 square feet.

But still—isn’t the developer a bit too bold?

Apparently, it’s just the opposite.

The original plan was to sell the space as four separate apartments, the largest of them a $150-million 11,000-square-foot duplex.

But it seems there are customers in the market for something even bigger, and are willing to pay exorbitant sums.

Hedge fund mogul Ken Griffin bought three whole floors of the 220 CPS last year for $200 million. And The Real Deal points to its own report about an unnamed Qatari buyer who was interested in combining multiple apartments into one, ready to fork out $250 million.

Vornado plans to finish 220 CPS—the Robert A. M. Stern-designed 66-floor tower—sometime in 2017.

As for the most expensive apartment ever, even this heavyweight can’t compete with the “Sky Penthouse” atop the Odeon Tower in Monaco.

The five-floor 35,500 square foot residence features such peculiarities as a dance floor with a slide leading straight to an open-air pool.

It’s been speculated to sell for as much as $387 million. We couldn’t find definitive proof that it’s the most expensive apartment ever, but we couldn’t find one more expensive either.