The Real Deal New York

Asian buyers have first crack at Extell’s One Manhattan Square

Most units at 250 South Street priced between $1M to $3M

October 15, 2015 08:00AM

One Manhattan Square NYC

Rendering of One Manhattan Square at 250 South Street (credit: Extell) (inset: Gary Barnett)

New Yorkers will have to wait in line for an apartment at Gary Barnett’s One Manhattan Square condo tower on the Lower East Side, because Extell Development is marketing the project to Asian buyers first.

Extell will start sales for the 800-plus-unit building exclusively overseas, with Barnett targeting buyers in China, Malaysia and Singapore. Apartments at the 80-story tower, located at 250 South Street, won’t be for available Stateside until early next year.

The units also won’t be breaking any price records, with most One Manhattan Square condos to be listed at between $1 million and $3 million, according to Bloomberg.

“We think that’s a reasonable place to be,” Barnett said of the building’s pricing. “There are a tremendous amount of people who would like to own something in New York City but are priced out because everybody’s building super-luxury.”

It is an interesting sentiment from Barnett — whose projects, like the 1,004-foot-tall One57 at 157 West 57th Street in Midtown, helped spark the luxury, high-end condo development boom in Manhattan. A penthouse at One57 broke the city record for most expensive apartment sale late last year, closing at $100.5 million.

With 815 units, 250 South Street ranked as the city’s largest new condo project filed over the 12-month period between July 2014 and June 2015, according to an analysis by The Real Deal earlier this year.

Barnett has faced significant community opposition to his One Manhattan Square project, with neighbors claiming its towering presence represents an eyesore and will accelerate gentrification in the Two Bridges/Lower East Side neighborhood. [Bloomberg]Rey Mashayekhi

MENU