One Block from Homeless Shelter, Mystery Buyer Pays A Whopping $157.5M For Manhattan Condos

NEW YORK (VINnews) – And you thought housing in your neighborhood was expensive?

An unidentified buyer shelled out $157.5 million for a pair of condos at a high-rise building overlooking Central Park, one of New York City’s priciest residential real estate sales ever.

The Robb Report (https://bit.ly/3gkSAoc) reported that a mystery buyer paid $82.5 million for a 60th floor condo at 220 Central Park South and $75 million for the one directly above it. The purchase was made through an LLC and was a resale, with lower condo last sold for $50.9 million, while the upper unit previously went for $51.4 million.

Pricey deals are not uncommon at the building, located between Broadway and Seventh Avenue at 58th Street, on what is dubbed Billionaires’ Row. A mystery buyer bought a duplex penthouse there last year for $100 million and musician Sting paid $65.7 million for a condo in the building in 2019. The two condo purchase is the third most expensive residential purchase in the country, lagging behind Jeff Bezos of Amazon’s $165 million estate purchase in Beverly Hills and hedge funder Ken Griffin’s purchase of a $238 million four-floor penthouse, also located at 220 Central Park South.

In addition to its prestigious address and sweeping park views, the building has a pool, a fitness center a library and a theater, but ironically, its rear entrance is located just one block from the Park Savoy Hotel, which is being turned into a shelter for 150 homeless men.

According to the New York Post (https://bit.ly/3g4ROwO) the shelter’s upcoming opening has had one neighboring residential building adding extra security, but real estate broker Dolly Lenz said that even that gritty element of the New York City experience is being used to woo buyers.

“Maybe it’s a good thing that people who are at the top of the food chain get to see people at the bottom,” broker Dolly Lenz said. “Eyes that can’t see, can’t feel when you live in your own bubble and we are all a little guilty of that.”