Extell Development sold just one apartment at One57 in the third quarter of the year.
As of September 30, 24 of the 94 units at the luxurious tower at 157 West 57th Street remain unsold, roughly three years after hitting the market, according to Bloomberg News. In total, three units were sold at the tower this year. Sales at the property have slowed as the shiny tower faces competition from nearby residential developments, according to the website.
Gary Barnett’s Extell broke ground on the tower in 2009, one of the first on what is now known as “Billionaire’s Row.” Nearby, Zeckendorf Development’s 520 Park Avenue is under construction, as well as Vornado Realty Trust’s 220 Central Park South and, the tallest of them all, 432 Park.
At one apartment per quarter, it would take Extell six more years to sell all the units in the building, appraiser Jonathan Miller told Bloomberg. Sales at the building started in 2011.
“That would be a nine-year absorption rate,” Miller told the website, “which would be unprecedented in the entire history of New York City residential development.” [Bloomberg News] — Claire Moses