The Real Deal New York

One57 unit sells at 20 percent discount

64th-floor pad closes at nearly $25M, roughly $6M under asking price

December 09, 2014 12:27PM
By Rich Bockmann

Extell's Gary Barnett and One57

Extell’s Gary Barnett and One57

The latest recorded sale at Extell Development’s sluggish One57 closed at a 20 percent discount to its asking price, property records show.

Unit 64A – at 4,483 square feet, three bedrooms and four baths – sold earlier this month for $24.84 million, property records filed with the city today show. That’s a steep discount off the unit’s $31 million asking price listed on Douglas Elliman’s website.

The apartment, purchased under power of attorney by GMF 157 LP, went into contract in October 2011 and closed Dec. 1 of this year.

Sales at the supertall tower have been slow, with just one unit closing in the third quarter of this year. At that pace, it would take more than six years to sell out the remaining units.

There has, however, been a flurry of closings as of late, with the most recent being the $55 million sale of a full-floor apartment on the 81st floor to the former owner of the San Diego Padres, as previously reported.

  • Marc

    He did the right thing and now I see he’s selling some buildings or at least repositioning his portfolio. No one has a crystal ball but after getting so fat on the market the past few years it’s probably prudent to get a bit defensive and be more liquid.

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