March 1st 2015
The Real Deal
One57’s glassy façade and 432 Park’s dizzying height aren’t Siren songs for everyone.
A group of wealthy buyers is sailing on by the luxury condos of the moment and waiting for the next addition to hit the neighborhood just north of Billionaire’s Row: 220 Central Park South.
The Vornado condominium, designed by Robert A.M. Stern, also has some owners of luxe condos nearby planning to trade up when 220 Central Park South launches sales, brokers told The Real Deal. Not surprisingly, the building is fast becoming a formidable competitor for the slew of super luxe condo developments in Midtown, not only Extell Development’s One57 and Macklowe Properties’ 432 Park, but also for another Extell tower at 225 West 57th Street, JDS’ development “skinny tower” at 111 West 57th Street, the Chetrit Group’s conversion of 550 Madison Avenue and others.
“We’re all looking for the next big shiny object,” said Jason Haber, a broker at Warburg Realty. “It’s not a glass curtain wall,” he added, referencing 220 Central Park South. “It’s a different kind of product.”
Vornado’s offering plan, which includes 95 units, was submitted to the Attorney General’s office in June and hasn’t yet been approved. With sales expected to launch by the summer, there are rumors that prices will start around $10 million and exceed $100 million.
“The renderings and the teaser — what they’ve shown so far — looks good,” said Michelle Bourgeouis, an agent at Town Residential.
“It’s kind of the complete opposite of what One57 is,” she added. “So many buildings that have been going up around the park have mostly had a very modern aesthetic.”
Douglas Elliman broker Toni Haber, who is Jason Haber’s aunt, said one of her clients, who purchased a condo at One57, plans to sell that unit and move to 220 Central Park South when the building debuts. “They’re definitely keeping an eye on that building,” she said.
She added buyers know that the building is one of the last assemblages on Central Park South.
“You can’t have anything built in front of you,” Toni Haber said. “Even though the building is going to be 370 feet shorter than 432 Park, you’re right on the park. 432 Park is not, even though you see it from anywhere you are.”