The Real Deal New York

Barnett seeking Downtown record sellout at One Manhattan Square

Extell projects nearly $2.1B in sales at the 815-unit tower

December 04, 2015 05:15PM
By Rey Mashayekhi and Will Parker

One Manhattan Square NYC

Rendering of One Manhattan Square (credit: Extell) (inset: Gary Barnett)

UPDATED: Feb. 22, 1:59 p.m.: If Gary Barnett’s One Manhattan Square project hits its target, Extell Development will realize a nearly $2.1 billion sellout and set a record for Lower Manhattan.

The state attorney general’s office approved the offering plan for the 80-story residential tower, which Extell submitted in June, on Oct. 23. The projected $2.1 billion sellout is the third-priciest condo offering plan this year among approved offerings – after Vornado Realty Trust’s 220 Central Park South ($3.1 billion) and Hines’ 53 West 53rd Street ($2.15 billion).

Barnett’s famous One57 luxury condo tower in Midtown originally sought a total sellout of just over $2 billion — with that number eventually climbing closer to $2.4 billion — while the developer’s planned, supertall Central Park Tower at 217 West 57th Street is reportedly seeking a sellout over $4 billion.

The filing provides insight into unit prices at the 815-unit One Manhattan Square, which is located at 250 South Street near the Manhattan Bridge and ranks as one of the largest new condo projects in the city in the past several years.

Barnett recently said most of the development’s condos will be listed at between $1 million and $3 million, with the building catering to “people who would like to own something in New York City but are priced out because everybody’s building super-luxury.”

The offering plan seems to confirm that strategy, with a $2.1 billion total sellout meaning the building’s average unit price would stand at a little over $2.5 million.

With the attorney general’s approval, Extell is now allowed to move on with marketing and sales at the Dattner Architects-designed condo tower. Asian buyers got first crack at the building’s apartments, as Barnett revealed in October, with the developer targeting buyers in China, Malaysia and Singapore before marketing the project domestically.

Extell recently released a new batch of renderings for the 937,000-square-foot development, which is expected to hold around 100,000 square feet of amenities including a movie theater, a bowling alley, a dog spa and a cigar room, according to marketing materials.

The second most expensive total offering in lower Manhattan belongs to Rudin Management’s 200-unit Greenwich Lane at the site of the former St. Vincent’s Hospital, which launched sales in 2013 with a $1.7 billion price tag.

Correction: An earlier version of this story misstated when sales launched at Greenwich Lane.