Vornado’s contribution to Billionaires Row continues to show strength in the resale marketplace.
The condo tower 220 Central Park South has had a three-bedroom unit trade for a 36% return, the latest example of a double-digit profit for an owner in the 70-story Midtown spire even as the overall luxury market has been less reliable.
The unnamed seller in the deal, who used the shell company 220 CPS Parkview LLC, offloaded the 3,000-square-foot home for $36.5 million, according to a deed that appeared in the city register Wednesday. The LLC paid $26.8 million for the high-floor aerie in 2019, the register shows.
Buying the apartment in an all-cash deal was Daniel Nutkis, a cybersecurity mogul; the sale went into contract March 25 and closed April 29, based on public records. Nutkis also used a shell company, DSN Real Estate NYC LLC, but signed the deed himself.
Nutkis is the CEO and founder of 18-year-old Texas-based company Hitrust, which has partnered with Microsoft on AI initiatives and has counted health care systems as clients, based on the firm’s website.
It’s not clear which brokers, if any, were involved in the sale of the unit, which was marketed privately.
Several owners at No. 220 have enjoyed notable bonanzas from their residential investments, including the very seller in this deal, who has previously flipped two other units at the project.
In its most significant transaction, 220 CPS Parkview LLC offloaded a 3,100-square-foot apartment in March for $83 million after paying $75 million for it in 2023, the equivalent of an 11% return in two years.
The same seller also made money off a one-bedroom, selling the 19th-floor home in March for $6.3 million after spending $5 million to buy it in 2023. (Though both units closed on the same day, March 4, they appear to have gone to different buyers based on their LLCs, according to the register.)
Steven Roth-led Vornado Realty Trust began marketing 220 Central Park South, which has 87 apartments, in 2015 and expects a $3.5 billion haul when every sponsor unit is spoken for, according to filings with the state attorney general’s office. But even though sales at the property became a dependable and lucrative revenue stream for the multipronged development firm as office and retail rents sagged during the pandemic, they may be about to run their course.
What seems to be the last developer-owned unit at the tower, a 2,500-square-foot two-bedroom, was put on the market for $13.5 million in mid-April, according to an ad. The listing may also reflect a new market reality. Vornado has decided to shop the apartment publicly, as opposed to most of the rest of the units in the building, which were sold through off-market deals.
Christopher Aldridge, an attorney at Midtown-based law firm Phillips Nizer who represented the seller in the recent deal and in their other two transactions at the condo, did not return an email for comment by press time. And an attempt to contact Nutkis through his office was unsuccessful.
