Multi-billionaire Kenneth Griffin may be well on his way to making American real estate history.
The hedge fund heavyweight is reportedly trying to lock down a piece of 220 Central Park South, an opulent 60-plus storey residential tower currently under construction in Manhattan, for over $200 million. This could be the most expensive residential real estate deal to ever take place on American soil, according to CNBC.
However, reports on the exact nature of the deal vary considerably. CNBC refers to the desired property as a midlevel “triplex” while Page Six says Griffin is trying to snap up several penthouse units to convert into one. Previously, a Qatari buyer was thought to be mulling the purchase of this penthouse space.
If the details from CNBC prove true, Griffin would end up landing more than 18,000 square feet spread over three floors, including units for staff and guests. At a lowball price of $200 million, that works out to a cost of about $11,100 per square foot, more than three times as much as the average rent for a Manhattan studio last month, according to Citi Habitats.
To say this transaction wouldn’t exactly burn a hole in the 46-year-old investor’s wallet would be an understatement. He’s currently worth $7 billion, according to Forbes, and is the CEO of Citadel LLC, a major financial player.
Griffin is far from the only one-percenter to see the value in 220 Central Park South. The limestone-clad building, designed by starchitect Robert Stern, has become a popular choice for the global elite, so much so that it’s earned the name the Billionaires’ Bunker.
The Vornado Realty Trust 173-unit development is expected to be completed in 2016. It may take up until the building’s completion for the deal to close, according to Page Six.