A high-profile sale at 220 Central Park South has set the record for New York City’s most expensive deal of the year. Media executive Byron Allen sold his five-bedroom condo for $82.5 million just one year after purchasing it for $75 million. 

The buyer, connected to Huizenga Holdings, joins an elite group of owners in one of the city’s most exclusive addresses. Designed by Robert A.M. Stern, the limestone-clad tower is known for attracting billionaire buyers and ...