Steve Wynn Finds Buyer for Penthouse at 50 Central Park South

10 minutes read

Hotelier and developer Steve Wynn might not have to worry about the pied-à-terre tax on his Manhattan home anymore.

Wynn’s duplex penthouse at 50 Central Park South has gone into contract with a last asking price of $70 million, according to StreetEasy.

The sale is likely not the latest example of a billionaire fleeing the city over its new policies targeting wealthy New Yorkers, as Wynn has been trying to offload his condo, which spans the 30th and 31st floors of the Ritz-Carlton, for years.

Wynn bought the home for $70 million in 2012 from Millennium Partners founding partner Christopher Jeffries, whose firm renovated the 36-story building in 2002 to add 11 condo units to the hotel.

In 2022, he listed the condo for $90 million before dropping the price as low as $65 million the following year and eventually taking it off the market at the end of 2023. He upped the price to $70 million in 2024, taking it off the market in 2025 and finally re-listing it again in June for $70 million.

The home spans nearly 11,000 square feet and has three bedrooms and four bathrooms, as well as a home gym and massage room.

Sotheby’s Serena Boardman and Corcoran’s Deborah Grubman shared the listing. Boardman did not respond to a request for comment. Grubman declined to comment.

It’s not clear what the final sale price will be or who the buyer is, but for Wynn, it appears to represent a chance for a slightly lighter tax bill.

Wynn was so perturbed by the nearly $200,000 assessment he received from the city in July that he signed on as one of the plaintiffs in a lawsuit filed against New York state in September claiming that it violated both the U.S. and New York constitutions by targeting non-residents, who can’t vote against lawmakers who support the tax in state and local elections.

The city has soldiered forward with its rollout of the tax despite numerous legal challenges over its implementation and constitutionality. The number of eligible properties has rapidly dwindled since the city initially sent notices to 17,000 homeowners in July. By October, nearly 9,000 recipients had been spared through either exemptions or mistakes the city caught.

Beyond New York, Wynn, who is a full-time resident in Florida, has been on a selling spree. In June, his 11-bedroom, 20-bathroom mansion in Beverly Hills, asking just shy of $50 million, went into contract.