In the final month of 2019, a newly-constructed duplex penthouse in a building affectionately known as the "billionaire bunker" – but more formally known as 220 Central Park South – sold for what was then considered an absolutely fantastical amount of money. The official closing price recorded on the property's deed was $92,737,627.88. For simplicity's sake, let's call it an even $93 million.
The official closing date listed on the deed was 12/05/2019. Fast forward 770 days, and the property has sold again for a jaw-dropping $190 million. That's a staggering $97 million profit for just over two years of ownership! The seller, hedge fund billionaire Daniel Och, essentially made $3.9 million per month to own the unit. That's like getting paid $126,000 every single day for two years to own an amazing luxury penthouse in New York City!
Inside Daniel Och's Luxurious Penthouse
Daniel Och's soon-to-be-former NYC condo is a duplex penthouse that features four bedrooms and spans nearly 10,000 square-feet of living space over the building's 73rd and 74th floors. The unit also boasts an 800-square-foot private outdoor terrace, perfect for enjoying the stunning views of Central Park.
The identity of the buyer who just paid Daniel Och $190 million is not yet known. Since the sale was off-market, there aren't any photos or videos of the unit available. However, the luxury lifestyle associated with such high-priced real estate speaks volumes about the exclusivity of this property.
A Glance at 220 Central Park South
220 Central Park South was acquired by a real estate development firm called Vornado Realty Trust in 2005. Vornado spent the next seven years battling with neighbors, preservationists, and former residents for the right to demolish the previous building that had stood since 1954. Ultimately, Vornado won the battle in 2012 and began construction on what ultimately became a total of 118 apartments in 2015.
The building has a private athletic club, a basketball court, library, elite childcare center, and a golf simulator, catering to the luxurious lifestyle of its residents. This high-end amenity package makes 220 Central Park South one of the most sought-after addresses in New York City.
Rental Opportunities and Market Trends
If you don't have the money to buy a unit at 220 Central Park South, there are some available for rent. On the low-end, the current rentals go for $59,000 per month. On the high-end, you're looking at $90,000 per month! This rental market indicates that even if buying is out of reach, living in such a prestigious building is still possible, albeit at a high cost.
About a year before Daniel's penthouse purchase, a different billionaire hedge fund manager – Ken Griffin – paid $238 million for the building's top four floors. This purchase still stands as the most-expensive home sale in US history. Griffin recently denied being the buyer of Och's unit, but both have been active in acquiring property in Florida due to tax benefits.
The Possibility of Ken Griffin's Purchase
But what if Ken Griffin is the buyer of Daniel's duplex? This would mean Griffin has spent a staggering $428 million assembling a six-unit penthouse complex that spans at least four floors and approximately 20-30,000 square-feet of living space. It would be a truly mind-boggling apartment that showcases the height of luxury living in New York City.
In conclusion, the sale of Daniel Och's penthouse not only reflects the incredible profit potential in high-end real estate but also highlights the ongoing demand for luxurious living spaces in major cities like New York. Whether through buying or renting, the allure of properties like 220 Central Park South remains strong among the wealthy elite.
