Why ultra-luxury condo buyers are paying millions too much

At 220 Central Park South, a recent string of eye-popping sales seemed to brighten an otherwise gloomy year in the luxury market. In the span of four weeks, condos at the Vornado Realty Trust tower sold for $55 million, $64 million and $60 million. But were the lofty prices a sign of a market on the mend? Not quite. “It’s only a benchmark of a period of time,” said Donna Olshan of Olshan Realty. “You

source https://therealdeal.com/2019/12/27/why-ultra-luxury-condo-buyers-are-paying-way-too-much/