Hedge fund founder borrows $49.9M against 220 Central Park South unit

Hedge fund founder Daniel Och, through his 220 NYC Holdings, LP, as borrower signed a loan agreement with lender Citibank valued at $49.999 million for 1 parcel, unit PH 73, with the tax class residential condo in Acris (SC) at 220 Central Park South in Central Park South. The deal closed on April 29, 2020 and was recorded on May 1, 2020.

Och bought the unit December 5, 2019 for $92.7 million from developer Vornado Realty Trust. The Wall Street Journal reported hedge fund manager Daniel Och, founder of Och-Ziff Capital Management now known as Sculptor Capital Management, purchased a unit in the building. The Citibank loan is for 30 years with the first ten fixed at 2.125 percent and thereafter variable, with the interest rate no higher than 7.125 or lower than 2.225 percent. The loan is held by Mortgage Electronic Registrations Systems (MERS) as nominee for Citibank.

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