Brooklyn Nets owner Joe Tsai has been revealed as the mystery buyer who snapped up two full-floor condos at 220 Central Park South in deal worth more than $157 million
Brooklyn Nets owner Joe Tsai has been revealed as the mystery buyer who snapped up two full-floor condos on the 60th and 61st floors of a residential skyscraper overlooking Central Park that cost a total of more than $157million.
In one of the biggest real estate transactions ever, the Alibaba co-founder purchased the two units at 220 Central Park South on Manhattan’s Billionaire’s Row through a limited liability company, allowing him to remain anonymous at the time.
But Tsai, 57, has now been revealed as the buyer by people familiar with the deal who spoke with CNBC, the network reported. It is believed he intends to join the two condos.
Last month The Wall Street Journal, citing property records, indicated that the deal included $82.5million for the 5,935-square-foot unit on the 60th floor.
In a separate deal, Tsai also paid $75million for the full-floor unit on the 61st floor as well as a studio apartment on the 18th floor that will be designated for his staff.
The sellers originally bought the two condos last year - the lower level went for $50.9million and the upper level fetched $51.4million.
Their identities have also been shielded thanks to laws governing LLCs.
Deborah Kern of the Corcoran Group is the realtor who reportedly handled the transaction.
The deal comes nearly two years after Tsai - worth an estimated $10.6 billion - paid a staggering $3.38 billion for the Brooklyn Nets NBA team, in a deal that included the Barclays Center.
In 2019, hedge fund billionaire Ken Griffin made the most expensive real estate purchase ever in the United States, buying the penthouse at 220 Central Park South for $238million.
220 Central Park South alone accounted for the top 22 sales of Manhattan condo buildings in fiscal year 2020, according to 6sqft. The residential skyscraper reported a total of $1.52 billion in cumulative sales in 46 units.
The building, which stands at 950 feet tall, was still under construction at the time.
The deal comes nearly two years after Tsai (pictured watching the Brooklyn Nets in 2019) - worth an estimated $10.6 billion - paid a staggering $3.38 billion for the Brooklyn Nets NBA team, in a deal that included the Barclays Center
Tsai's purchase of the two units at 220 Central Park South (seen above) on Manhattan’s Billionaire’s Row was made last month
Developed by Vornado Realty Trust, the building boasts 70 floors and a total of 116 residential units.
It was designed by Robert A.M. Stern, the award-winning architect whose portfolio includes classically styled New York apartment buildings including 15 Central Park West; Philadelphia’s Museum of the American Revolution and the Comcast Center skyscraper; and two residential colleges at Yale University.
Each floor spans almost 6,000 square feet and is made up of four bedrooms and five full bathrooms along with two half bathrooms. The maintenance fees on their own total $12,434 per month, with an additional $10,660 in monthly taxes.
The building’s amenities include an attended lobby, a concierge, a swimming pool, a lounge, valet services, an event room, and a full service garage.
Residents also have access to fireplaces, a restaurant, terraces and balconies, and a spa and therapy room.
There will also be a juice bar, a basketball court, a squash court, and a golf simulator.
Air conditioning is centralized and tenants also have use of a fitness center.
The image above shows the floor plan of the units on both the 60th and 61st floors that were sold to Tsai. Each floor spans almost 6,000 square feet and is made up of four bedrooms and five full bathrooms along with two half bathrooms
The building, which stands at 950 feet tall, was developed by Vornado Realty Trust. The image above shows the interior of one of the apartments in the building
The building, one of the most expensive in New York City, boasts 70 floors and a total of 116 residential units. The image above shows the interior of one of the apartments in the building
The image above shows one of the bedrooms inside an apartment at 220 Central Park South in New York City
As of April, 91 percent of the building’s units were sold. Vornado Realty Trust reported $2.86billion in sales from the development.
British rock legend Sting and his wife, Trudie Styler, have reportedly bought a unit there.
Tong Tong Zhao, who founded a hotel management company based in China, reportedly paid $13.49million for a 2,400-square-foot two bedroom apartment on the 27th floor.
The building’s amenities include an attended lobby, a concierge, a swimming pool, a lounge, valet services, an event room, and a full service garage
Residents also have access to fireplaces, a restaurant, terraces and balconies, and a spa and therapy room
The image above shows the view of Central Park as seen from the interior of one of the apartments at 220 Central Park South
The units that were sold last week are among the first ones to have been re-sold since the building topped out in 2017.
The first re-sale was reported in April, when hedge fund manager Igor Tulchinsky paid $33million for an apartment in the building. That’s a 23 percent jump from what the seller paid the year before.
The eye-popping purchases suggest high-end real estate in Manhattan is bouncing back after a difficult 2020, when the COVID-19 pandemic created a buyer’s market.
For sellers, this meant double-digit percentage losses on units that were sold in pricey buildings like One57.
According to Olshan Realty, last week saw 31 contracts priced at $4million and above in Manhattan - the 18th week in a row of more than 30 contracts signed at that price point.
Hedge fund billionaire Ken Griffin (pictured in 2014) paid a record $238million for a penthouse at 220 Central Park South in 2019 - the most ever paid for a home in the United States. British rock legend Sting and his wife, Trudie Styler, have reportedly bought a unit there
The rendering above shows a clear view of Central Park. The penthouse unit in the building is a quadplex, meaning it will take up the top four floors
The artist rendering above shows a beautiful nighttime view of the Manhattan skyline facing Midtown and Lower Manhattan
Air conditioning in the building is centralized, and tenants are able to use a fitness center and a pool
The building has plenty of amenities for its residents, including a fitness center and a spa and therapy room
The artist rendering above shows a car near the entrance to the building
There is also a concierge and valet parking service - as seen in the above artist rendering