“Unheard of” wealth accumulates at top of One57

“The scale of wealth in this building is just unheard of,” appraiser Jonathan Miller told the New York Times of Gary Barnett’s rising One57 condominium tower. Fewer than 40 of the tower’s 92 apartments remain unsold and transaction volume has already surpassed $1 billion. Further, nine of 16 full-floor apartments have sold, and all the buyers are billionaires, according to the Extell Development president, and at least a few of them are “significant Forbes billionaires.”

“Despite all the problems economically, you are seeing these people invest in real estate unlike in any period that has ever happened,” Miller said.

And One57 was timed perfectly to capitalize on this investment climate, as the Times said it had a two-year head start on comprable projects in the works. “A lot of what is happening at One57 is about wealth preservation,” Sotheby’s International Realty broker Nikki Field told the Times. She said at least three buyers in One57 also own in 15 Central Park West.

The success has set the low price for a remaining full-floor residences in the tower, at 157 West 57th Street, at more than $50 million. The Times said Barnett has not hesitated to turn away prospective buyers, including One Hyde Park developer Nick Candy, who wanted the ability to flip a unit before construction was complete, when negotiations become difficult. [NYT] — Adam Fusfeld