3.15.23 - Vornado inches toward the finish line at 220 Central Park South
' Vornado Realty Trust has sold another apartment at the condo 220 Central Park, a rare bright spot for the landlord as it grapples with tough markets elsewhere.
No. 22B at the Midtown luxury high-rise, a three-bedroom sponsor unit, sold for $14.8 million, according to the city’s register. The buyer appears to be an executive with AMTD, a Hong Kong-based financial company, according to its deed, which was signed by New York lawyer Justin Marques. His clients include “high-net-worth foreign and domestic individuals” according to his website.
Last summer an AMTD fintech platform spin-off called AMTD Digital debuted on the New York Stock exchange at about $8 per share. About a month later the company’s stock price suddenly surged by 21,000% for still-unknown reasons, though the share value has since come back to earth. On Wednesday AMTD Digital, which has a market capitalization of $1.6 billion, was trading around $8.
With the sale of No. 22B, which closed March 3, Vornado appears to have just six units left at the 117-unit tower, though some owners of apartments have been selling their homes there too. Most of what Vornado has left are smaller units on lower floors of the 70-story high-rise, which should ultimately generate a haul of $3.4 billion for Vornado when every sponsor unit has traded, according to the condo’s offering plan.
For example, No. 20F, a studio that presumably will be taken as a staff room, remains unsold, according to public records. Also available is No. 22A, a two-bedroom.
Sales appear to have been slow since last summer, when there were 10 unsold sponsor units at 220 Central Park South, according to a Crain's analysis, though Vornado may be intentionally holding back some units from the market until the conditions improve. '