Casino Mogul Steve Wynn Sells His $70 Million Central Park Condo as Manhattan Luxury Market Heats Up

Casino billionaire Steve Wynn has finally unloaded his Central Park duplex penthouse, making it the top luxury sale of a record-breaking week in Manhattan.

The mogul's prewar condo at 50 Central Park South—first listed in 2022 for $90 million, the most expensive in the country at the time—eventually saw its price drop to $70 million.

Even at this steep discount, it still took two years for the condo to find a taker. The duplex went into contract last week with Serena Boardman of Sotheby's International Realty as the listing agent (co-exclusive with Deborah Grubman of Corcoran).

The sale means the casino magnate failed to turn a profit on the 10,875-square-foot condo. But given that, according to Forbes, Wynn is worth $4.3 billion, he likely isn't sweating it too much.

The Billionaires Row duplex takes up the 30th and 31st floors within the 36-story Ritz-Carlton Residences, formerly the Hotel St. Moritz, which opened in 1930. The top 12 floors are the private homes.

A luxury condo on the 30th and 31st floors at 50 Central Park South overlooking the park listed $70,000,000 was last week's top sale in Manhattan. (Realtor.com)

The penthouse, formerly owned by real estate developer Christopher M. Jeffries, comes with an esteemed pedigree.

It was Jeffries' Millennium Partners that purchased the Emory Roth–designed building in 1999 and reimagined it along with the Ritz-Carlton Hotel Co. Jeffries was once married to Princess Yasmin Aga Khan, the only child of Prince Aly Khan and movie legend Rita Hayworth.

Yet the real selling point of the duplex is its sweeping Central Park views. With floors that aren't too high, from the vantage of the 45-foot long terrace, it feels as if one is sitting in the famed park's trees—a "bird's-eye perspective," as the listing puts it. Another terrace along the western wall stretches 28 feet.

With three bedrooms, four full baths, and two half-baths, the prewar unit features 10 grandly arched windows, a marble staircase, 15-foot coffered ceilings, and a living room that used to be the St. Moritz ballroom.

Modern touches include a chef's kitchen; a breakfast room with its own terrace; a primary bedroom with Central Park views, en suite bathroom, gym, and dressing room; a staff room with laundry; and a library.

A terrace facing Central Park gives extraordinary "bird's-eye" views and likely clinched the sale. (Realtor.com)

As the condo sits atop the flagship Ritz-Carlton hotel, it comes with access to the amenities of the global luxury name, including the La Prairie spa and health club, a business center, the Contour Bar and Lounge, in-room dining services, and housekeeping services.

The unit has $31,362 in monthly dues on top of $15,500 in taxes.

As for why a property offering such grandeur may have taken so long to move, luxury broker Michael Reisor with Compass-affiliated Reisor.Team, who is familiar with the building, says, "Properties like this are wonderful but specific. There's a more limited buyer pool."

Despite the park views and architectural significance, it's still a century-old building, and buyers at this price range have their pick.

However, "when buyers at this level want prewar charm and detail, there is only one way to get it authentically, and that is to buy of that era," he says. "Are there people in droves wanting to pay at this level for prewar? No, but there are people who do. It's usually a more sophisticated buyer.

"They want that, 'This is classic New York.'"

The unit has plenty of prewar charm, including arched windows and coffered 15-foot ceilings. (Realtor.com)

The final price isn't yet known, but Reisor says, "We can assume it was right around [the ask price], if not right on."

The buyer hasn't been revealed, and listing agent Boardman did not return a call for comment.

One unique aspect of the 50 Central Park prewar is that it is a condo, not a co-op. Prewar buildings—built between the late 1880s and 1939—are typically co-ops.

In general, condos outsell co-ops each week—and after two weeks of the gap between them being slim, for the week ending Nov. 8, condos were far ahead, 34 contracts versus 7. Co-ops tend to be cheaper, with an average ask of $8.6 million last week versus $10.5 million for condos, according to Olshan Realty.

Another unusual feature of the sprawling duplex is that it has only three bedrooms. Often condos at this scale have expanded to four or more. Last week's top sale, a $31 million penthouse condo at 111 Murray St. in Tribeca, had five bedrooms.

Many of the windows within the unit come with sweeping Central Park views. (Realtor.com)

"It's more of a psychological sticking point than an actual need," Reisor says of a high-end buyer's desire for plentiful bedrooms. "They think, 'At a certain price, I should be overflowing with bedrooms.' Even if they never need them."

Whoever snapped up the trophy unit likely wanted to be in that particular building, which is low-density, has only 11 private residences inside of a global luxury brand, and comes with a glamorous history and illustrious architect.

"It could be someone high-profile," Reisor speculates of the mystery buyer. "Someone high-profile would want something like this."

Manhattan luxury is still booming

The Wynn sale was one of a slew of high-end contracts last week, with 45 signed, a big leap of 11 over the week before, and the biggest luxury sales week for the entire year. Of that, an astonishing 14 sales were priced over $10 million.

The New York City pied-à-terre tax doesn't seem to be squeezing the top end of the market. Reisor says last week's surge of luxury (over $4 million) buys can be attributed to the midterm elections.

"We always see a freeze-up before elections," he says. "The enemy to any financial market, including the housing market, is uncertainty. The biggest thing in play is that the election happened; it's over."

Additionally, he thinks that the "blue wave" was a positive for the high-end market, speculating that President Donald Trump's somewhat chastened stance on immigration is good news for monied buyers.

"This is especially relevant to New York City because of international buyers," he says, theorizing that affluent foreign buyers are wondering, "Will this be more friendly to me as an international purchaser?"

Prewars having a moment

The second-highest contract of the week was a triplex penthouse with an asking price of $25.36 million. The condo, EA at 95 Madison Ave., is also in a 1912 prewar building. Although smaller at 8,355 square feet, the condo came with six bedrooms.

Formerly the Emmet Building, the Flatiron building is a quick stroll to Madison Square Park. Its Gothic facade is made from limestone and marble, reflecting the "architectural Golden Age," says the listing, which was held by Vicki Zhi Saali of Global Real Estate Ventures Group.