Media tycoon Byron Allen can’t keep away from 220 Central Park South.
Earlier this week, The Actual Deal reported that an entity tied to the mogul closed one other deal on the Billionaires’ Row supertall, scooping up a Thirty sixth-floor apartment for roughly $34 million. The sale marks what seems to be his seventh commerce on the constructing, together with promoting three condos for premiums in 2025.
Data present his dealings within the Robert A.M. Stern-designed tower started in 2019, when he purchased Unit 44B from the constructing’s developer, Vornado Realty Belief, for $26.8 million. In April 2023, he bought one other house, Unit 19B, for $5 million, and 6 months later, dropped $75 million on Unit 45A. He financed a portion of all of these offers.
Two years later, he began promoting off his holdings. In March, he scored a premium when he traded Unit 45A for $82.5 million, the priciest deal to shut in 2025, and Unit 19B for $6.3 million. The next month, he offloaded Unit 44B for $36.5 million. In whole, excluding his newest buy, Allen offered the residences for $18.5 million greater than the mixed sum he paid for them.
It’s unclear whether or not Allen is simply in it for the flip or if he has one thing else in thoughts (his lawyer didn’t reply to a request for remark, together with questions on his technique).
However of all of the Billionaires’ Row developments, 220 Central Park South is the one to be taking part in in. First-time resales on the constructing offered for a mean of 43 % larger than the preliminary sponsor sale, based on a TRD analysis in 2025.
That price was bolstered by billionaire investor Daniel Och’s flip of his penthouse, which he purchased for $93 million in 2019 and offered three years later for almost $190 million. However even excluding that sale, first-time resales on the tower nonetheless traded on common for 36 % greater than their sponsor deal.
These returns are considerably larger than many different buildings within the hall. At Harry Macklowe and CIM Group’s 432 Park Avenue, first resales offered for about 2 % larger on common, and at Gary Barnett’s 157 West 57th Avenue, first resales went traded for twenty-four % much less on common.
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New York Metropolis’s Division of Finance sparked backlash earlier this summer season when it despatched notices to roughly 17,000 owners, alerting them that they may very well be on the hook for the brand new, controversial pied-à-terre tax. A number of of these homeowners stated they obtained a discover regardless of their properties serving as major residences.
Within the wake of the messy rollout, the town delayed the deadline for owners to file exemptions a number of occasions, with the ultimate deadline earlier this week. Of the 11,000 purposes it obtained, the town approved 6,800 exemptions. That, together with different recognized errors, introduced the whole variety of homeowners topic to the brand new tax down considerably, which can cut back the levy’s projected income.
The surcharge’s rollout can be the topic of a lawsuit. Although a Staten Island choose in September ordered the town to desert its makes an attempt to implement the tax and begin over, final week, an appellate choose stayed the decision, permitting the tax assortment course of to proceed whereas the litigation stays pending.
NYC Deal of the Week
Allen’s deal at 220 Central Park South was the priciest to land in metropolis information this week. The runner-up was a apartment at Witkoff Group and Entry Industries’ One Excessive Line in West Chelsea. The four-bedroom house, No. West26D, at 500 West 18th Avenue, traded for $13.5 million.
A Corcoran staff, led by Steve Gold, heads gross sales on the challenge.
Learn extra
Byron Allen pays $34M for 220 CPS condo
The highs and lows of reselling on Billionaires’ Row
NYC’s 10 most expensive residential deals in 2025
