Why is One57 flailing while 220 Central Park South is soaring? kvelsey reports
Billionaires prefer limestone over glass . Photo: Getty Images The past few years were not very good ones for the ultra-high-end luxury market. Sales prices reached a frenzied peak around 2016, stalled out, and then started to slump. By the time the pandemic struck in March 2020, some owners seemed desperate to sell at any price: That year, four condos at Extell’s One57 tower sold for at least 40 percent less than what their owners had paid, according to Douglas Elliman.
Now, as the city’s luxury market is once again surging thanks to a perfect storm of pent-up demand, very low interest rates, and the fact that the rich got much richer during the pandemic, 220 Central Park South is doing very nicely in the resale market. The building had its first resale in April, a $33 million sale that closed for 23 percent more than the $26.79 million the seller paid a little more than a year earlier.
“There are a few other buildings where prices have held up — Greenwich Lane, 150 Charles,” said Donna Olshan, a Manhattan broker who tracks the luxury market. “But what’s interesting about 220 Central Park South is that some sellers have actually made good money there. There will always be people at the top who will pay to be in the No. 1 building in New York.” The building is widely considered to be the second coming of “limestone Jesus,” a.k.a.
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