One57 and Extell President Gary Barnett
While Extell Development’s bet on One57 might seem quite risky, the ultra-luxury market has actually never been better, the Wall Street Journal reported.
The 90-story development, which currently rises about 50 stories into the skyline, will ask nearly $100 million for penthouse units, the Journal said.
And although the $1.4 billion project requires massive borrowing, Extell President Gary Barnett is confident in what he tells the Journal is an ever-growing number billionaires and multi-millionaires across the globe.
Barnett cites Russian and European buyers, but also said “you’re seeing Latin Americans in a big way. You’re seeing Chinese in a big way. You’re seeing the return of the Middle Eastern buyer,” the Journal reported.
In November, 529 apartments priced at $4 million or more went into contract, the most per month since before the recession, according to the Journal. [WSJ]
