First Resale Deal at Billionaire’s Row Mega-Tower at 220 Central Park South Yields $33M

By: Benyamin Davidsons

Here’s a bright spot for New York City’s luxury residential Real Estate.  New York’s 220 Central Park South, the most-expensive condo tower in America, saw the sale of a condo for the full asking price of $33 million.  As reported by the Wall Street Journal, this was the first resale deal at the Billionaire’s Row Mega-tower, which was completed in 2019.  A Greenwich, Conn.-based hedge-fund manager purchased the three-bedroom apartment, leaving the original owner with a 23 percent profit over what he had paid for it just last year.  The sale brings hope that high-end real estate in NYC has held its own despite the pandemic.

The buyer, Igor Tulchinsky, a Belarus native, moved to the U.S. when he was 11.  He is now the chief executive of WorldQuant, a hedge fund and quantitative investment management firm which he founded in 2007.  His real-estate agent, Ryan Serhant, said the buyer is “delighted to be a resident of this iconic building and is a strong believer in the future of New York City.”  Mr. Tulchinsky couldn’t immediately be reached  by the WSJ for further comment.

The approximately 3,200-square-foot apartment was listed by Jessica Campbell of Nest Seekers International.  It boasts 11-foot ceilings, floor-to-ceiling windows, and stunning views of Central Park and the Hudson River. The seller is a limited-liability company which closed on the condo in 2019 for roughly $26.79 million.   The building, along with many of the city’s most expensive residentials, often have a secretive purchasing process  in which many buyers who wish to remain anonymous buy as LLCs.

The 70-story, 950-foot limestone tower on 58th Street between Broadway and Seventh Avenue, was designed by Robert A.M. Stern Architects and SLCE Architects, with interiors designed by Thierry Despont.  The skyscraper cost owners at Vornado Realty Trust $1.4 billion to build.  The Midtown tower offers amenities including an 82-foot-long saltwater swimming pool, private dining rooms, an athletic club, a juice bar, a library, a basketball court, a golf simulator, a wine cellar, and a children’s play area.

The building famously houses the most expensive home ever sold in America to date, with billionaire hedge fund manager Kenneth C. Griffin purchasing a condo there for $238 million in 2019.  Other notable confirmed buyers at the building who did not hide their identities include: Albert Behler the CEO of Paramount Group; Byron Allen the CEO of Entertainment Studios; Eric Smidt the CEO of Harbor Freight Tools; billionaire hedge fund manager Daniel Och; real estate developer David Mandelbaum; and musician Sting and his wife.