Joe Tsai’s family office outed as buyer of $190M NYC home

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Chicago hedge-fund titan Ken Griffin made waves after shelling out a record-breaking $238 million for multiple units inside the exclusive 220 Central Park South tower in New York City in 2019. These days, one of his neighbors is giving him a run for his money.

The Hong Kong-based Blue Pool Capital, an investment advisory firm that holds a portion of Alibaba Group Holding Ltd. co-founder Joe Tsai and Jack Ma’s fortunes, has been revealed as the new owner of hedge-fund billionaire Dan Och’s penthouse, which sold last week for $188 million.

Bloomberg broke news of Blue Pool’s ownership, adding that the firm took out a $71.5 million 30-year mortgage through JPMorgan Chase & Co. for the 73rd-floor spread and a maid’s room on a lower level.

Tsai, a billionaire, already owns a combo unit in the tony property.
Tsai, a billionaire, already owns a $157.5 million combo unit in the tony property.
Bloomberg via Getty Images

Tsai, the executive vice chairman of Alibaba — an e-commerce company — is no stranger to the Robert A.M. Stern-designed building, which fronts Central Park from its southwest corner. In 2021, he splashed out $157.5 million total for two full-floor units in separate transactions. Those apartments span the 60th and 61st floors.

With this most recent purchase, Tsai now has his hands on some $345 million worth of real estate inside the tower.

Adding to the purchase’s prominence, it earned Och a substantial profit on his resale. Och, now living in Florida for tax reasons, spent $93 million in 2019 for the nearly 10,000-square-foot, four-bedroom residence — more than doubling his money.

The towering 220 Central Park South is known as the wealthiest condo tower in New York City history.
The towering 220 Central Park South is known as the wealthiest condo tower in New York City history.

If that substantial flip wasn’t enough, one of the units in Tsai’s 2021-purchased combo also earned a pretty penny. Initially sold in February 2020 for $51.42 million, Tsai swept snagged that 61st-floor unit for an even $75 million, making for a $23.57 million gain. Between 2017 and 2021, that was the city’s highest-priced flip, according to data provided by StreetEasy.

220 Central Park South, nearly sold out, has already surpassed more than $1 billion in sales, and is known as one of the city’s most successful new residential developments.

Born in Taiwan and with Canadian citizenship, Tsai also owns a 49% stake in the Brooklyn Nets basketball team. He’s worth $7.4 billion.

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