The Real Deal New York

Sales stalled at Gary “Dangling Boom” Barnett’s One57?

October 10, 2013 04:17PM

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From left: 157 West 57th Street and Gary Barnett

From left: 157 West 57th Street and Gary Barnett

Extell Development has signed contracts for the majority of units at One57, but the remaining 30 percent — largely sandwiched in the middle of the 1,004-foot-tall Midtown skyscraper — are apparently not moving as quickly.

“They got too crazy and priced the middle too high,” an unnamed, irate broker told real estate journalist Michael Gross.

The trouble with those units, which will sit above a Park Hyatt hotel planned for the lower portion of the tower, is that their park views are obscured by the landmark Essex House tower.

Months ago, Extell founder Gary Barnett  touted contracts for the two penthouses worth more than $90 million. And despite claims that the condominium building is 70 percent sold out, the remaining chunk of properties have yet to budge.

Even so, the broker told Gross he expected closings on the high-floor units to start as soon as February or March, if the building and its troubled crane can keep it together. In the meantime, the developer may have to get used to Gross’ nickname for him: “Dangling Boom” Barnett.  [Michael Gross]Julie Strickland

  • AriNoe

    regardless, the top 5 floors already paid for his entire project..the rest is gravy

    • David

      Barnett has a Big Pair. A true risk taker and he’s winning big.

  • Jon

    People are not rushing to buy there anymore because they can now observe the built building, and it’s downright ugly from the outside.

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