The Real Deal New York

Category: One57

  • 15 CPW spread hits market for $59K a month

    November 12, 2012 10:00AM

    Blu’s Vince Rocco and the 15 Central Park West spread

    Hot on the heels of real estate author Michael Gross’ assertion that Extell Development’s One57 will never live up to the success of Zeckendorf Development’s much-beloved limestone towers at 15 Central Park West, a luxe rental at the latter has come on the market asking $59,000 per month.

    The four-bedroom unit came on the market on Saturday, shows. Listed by Blu Realty’s Vince Rocco, Shane Shimon and Denise Rosner, it is available for a minimum of one year. The property is currently the most expensive rental unit available at the building. [more]

  • The crane at One57

    It appears that the boom of the One57 crane – an enduring image of last week’s storm – was alarmingly close to plummeting 1,000 feet to street level. Building engineer Michael Alacha estimated it had an 80 percent chance of falling, the New York Times reported, in a play-by-play account of what transpired at the site during the storm.

    “In my mind, the boom was going to go,” said Alacha, who was on the scene at One57 shortly after the collapse. “We still had another 6 to 10 hours of severe wind,” he added. “It was rocking. Usually, metal gets fatigued and it would let go.” [more]

  • From left: Gary Barnett, a rendering of One57 and the secured crane at One57

    The saga of  One57′s disabled crane is coming to a close. The crane has been successfully secured and the surrounding buildings reopened. Workers spent the weekend using a a hand crank to rotate the cab and crane platform closer to the building. Once it was close enough, construction workers used steel cables and beams to tie the 150-foot boom to the building’s concrete columns. It may take days, or even weeks, for the giant boom to be lowered to the ground. [more]

  • The crane at One57

    The city now has a plan to retrieve the dangling crane at One57, the Wall Street Journal reported. Work is expected to begin tomorrow — and will take an estimated 36 hours, according to the New York Observer’s Twitter feed.

    To get the machinery down, a worker will reportedly rotate the whole crane using a hand crank, which will turn the boom toward the building, according to the Journal. Cables will then secure the boom to steel arms that have been installed near the top of the tower. Then a derrick will be installed to lower the damaged machinery down to street level. [more]

  • Shoe designer Sam Edelman

    Retailers are in the process of recovering from Hurricane Sandy, with many stores reopening and others remaining dark. The storm’s impact on business might not have a severe effect on upcoming holiday sales, but consumers with damaged properties could direct their holiday shopping dollars into storm clean-up instead, retail experts told Crain’s.

    “They might not be spending on holiday gifts in November,” Jack Kleinhenz, chief economist at the National Retail Federation, told Crain’s. “They might be spending instead on buckets and wood.” [more]

    1 Comment
  • Mayor Bloomberg and the collapsed crane at One57

    Mayor Michael Bloomberg said today that he expects individuals could return to their homes and offices near One57 this weekend. The block of West 57th Street was cleared following the collapse of a crane at the luxury tower on Monday, and city and private engineers are working to fully secure and, eventually, dismantle the suspended crane.

    If the weather cooperates, the city expects to tie down the crane this weekend, “dramatically” reducing the size of the area that has been evacuated, Mayor Bloomberg said. However, it could take weeks to build another crane, and the mayor warned that some “sporadic closings” could take place as crews take down pieces of the One57 crane, he said. [more]

    1 Comment
  • What’s next for One57?

    October 31, 2012 10:00AM

    From left: Gary Barnett, a rendering of One57 and the collapsed crane at One57

    [Updated 1:21pm, with comment from Extell] Among the many depictions of Hurricane Sandy, the image of the One57 crane, bent backwards like a wilted stalk, is among the most indelible. In the aftermath of the collapse, construction engineers and city officials are working to fully secure the crane. Meanwhile, questions about what caused the incident and what it will mean for the high-profile Extell project and its developer, Gary Barnett, are largely unanswered.

    At press time, the crane continued to dangle 74 stories above West 57th Street, which had been evacuated between Sixth and Seventh avenues. Steam, electricity and gas in the surrounding area were shut off, Mayor Michael Bloomberg said yesterday. [more]


  • The crane that collapsed at One57 was not tied down, Donald Trump is alleging. Trump told CNBC that he could see the crane from his window and it was moving violently in the wind before it collapsed. Trump is not involved with the One57 project.

    “I know lots about cranes and lots about building, and I am looking at that crane right now,” Trump said. “I have a window that’s just about even with that crane and I was watching it yesterday, and they didn’t tie it down.” See the video after the jump

  • Mayor Bloomberg: One57 crane is stable

    October 30, 2012 11:30AM

    The crane at One57

    The broken crane at Extell Development’s One57 development, dangling about 1,000 feet above West 57th Street, is likely to remain an enduring image of Hurricane Sandy, which has left the East Coast battered. But the more immediate concern is getting the crane down from its perch — atop the under-construction luxury condominium that the New York Times billed as a “billionaires club.”

    During an 11 a.m. press conference, Mayor Michael Bloomberg said that the New York City Department of Buildings has determined that the crane is currently stable. He said the there would be no attempt to secure the crane until winds die down, and that it would be up to the contracting company to figure out how to get another crane 90 stories above street level. [more]

    1 Comment
  • Crane collapse at One57

    [Updated 4:04 p.m.] As Hurricane Sandy barrels down on New York City, a construction crane has collapsed at One57, the ultra-luxury Midtown condominium, The Real Deal has learned. While it was not immediately clear what caused the break, wind gusts had reached up to 90 miles per hour in the neighborhood, according to news reports.

    A Town Residential executive, who has a direct view of the site from his home, heard a “snap” and saw the crane dangling, according to Town manager Wendy Maitland. He called the police, who arrived on the scene within 15 minutes, but he continues to hear creaking and “very disturbing” noises, she said. [more]

    1 Comment
  • From left: Michael Hirtenstein (credit: Hamptons Magazine ) and a rendering of One57

    Gary Barnett has returned New York property investor Michael Hirtenstein’s One57 contract and deposit, after Hirtenstein admitted to bribing a construction worker to film the view from what would have been his future apartment, according to the New York Post. Barnett has been strict about not letting his buyers view their apartments before completion. After Hirtenstein complained to Extell that his view of Central Park was obscured by Essex House, Barnett returned his contract and deposit.

    Barnett claims that he rejected Hirtenstein on principle, and that it had nothing to do with Hirtenstein paying a construction worker $200 to secretly film the unit, according to the Post. [more]

  • Video pitches the One57 lifestyle

    October 18, 2012 10:00AM

    Extell’s Dan Tubb and new renderings of One57

    A film produced by the marketing team at One57 is helping the building rake in as much money as any Hollywood blockbuster, according to the New York Post. The short film promotional film shown to Extell Development’s prospective buyers begins with the completed building emerging from water.

    According to the Post, as water shoots up into the air, forming the blue-glass building, intercuts of a beautiful evening-dressed woman are shown. The woman is seen strolling through a massive apartment with a view of Central Park and in another cut she goes down the elevator from the 90th floor to get into an awaiting black sedan. [more]

  • Climbing One57

    October 09, 2012 10:00AM

    From the October issue:

    Brokers Nikki Field and Kevin Brown of Sotheby’s International Realty at the construction site at One57

    Extell Development’s new luxury condo tower, One57, has already done some $1 billion in sales, and most of its überwealthy buyers have had to envision their new apartments from floor plans and renderings.

    But a few lucky buyers — and their brokers — have had the chance to visit the building’s construction site, sampling the views from the top floors of the 1,000-foot-high glass tower, which will be the tallest residential skyscraper in Manhattan when it’s completed in 2013. [more]

  • Gary Barnett and One57

    The so called “billionaire’s club” that has recently formed on the top 15 floors of Midtown’s One57 building, has developer Gary Barnett worried about a possible “gripe fest,” according to the New York Times. Several of the new owners of the building’s top sections have commissioned their own
    designers to finish their full-floor apartments and the construction could become a potential disturbance to their well-heeled and fussy neighbors.

    “This was a major, major issue for us,” Barnett said. “We don’t want our people who are buying and accepting our finishes to be sitting there for three or four years while tons of construction goes on in the building and people build out their spaces. It ties up elevators and creates dust and noise. We are doing everything possible to avoid that.” [more]

  • Michael Kors investors are One57 buyers

    September 25, 2012 08:30AM

    From left: Silas Chou, One57 and Lawrence Stroll

    Despite unprecedented interest in the building’s pricing and sales figures, the actual identity of buyers into Extell Development’s One57 condominium have been kept close at bay. But the New York Times confirmed the identity of two billionaire buyers of $50 million One57 apartments — bringing the number of known buyers in the development to three. [more]

  • From left: Prime Minister Sheik Hamad and a rendering of the One57 penthouse

    Extell Development has denied reports that the Prime Minister of Qatar made any purchases in the One57 condominium building, in an email sent to the press, let alone $250 million worth of them. Yesterday, a report said Prime Minister Sheik Hamad was the buyer of the 10,923-square-foot penthouse and four other units in the building. [more]

  • Faith Hope Consolo and scaffolding instead of storefronts on West 57th Street between Fifth and Sixth avenues

    Nordstrom’s deal for a 300,000-square-foot department store on West 57th Street may be exactly what was needed to help advance the retail scene on one of Manhattan’s most storied streets, according to the New York Post.

    The thoroughfare is riddled with empty storefronts because landlords refuse to reduce their asking rents to reflect the current reality. “Generally, no landlords on 57th Street adjusted their rents during the downturn,” said Faith Hope Consolo, who heads Prudential Douglas Elliman’s retail leasing division. [more]

  • Qatar Prime Minister Sheik Hamad, a rendering of One57 and a rendering of its penthouse

    The prime minister of Qatar has negotiated deals to by about $250 million worth of apartments in Extell Development’s One57 tower, including a nearly $100 million penthouse, the New York Post reported. Sheik Hamad bin Jassim bin Jaber al-Thani turned his attention to Gary Barnett’s building after his bid to buy Huguette Clark’s Fifth Avenue penthouse for $31.5 million was rejected by the co-op board. [more]

  • alternate<br /></a>text
    One Hyde Park

    Gary Barnett offers proof for the real reason why the developers behind London’s exclusive One Hyde Park backed out of their One57 purchase (hint: it wasn’t the elevators). A handful of economists explain why they disagree with Paul Krugman’s assertion that more inflation would help boost the housing market. An old townhouse on the Upper East Side collapses and injures four workers. The three big mistakes real estate agents frequently make on Twitter. Robert Marc opens his fifth store on Madison Avenue. Finally, President David Maundrell says Bushwick and Cobble Hill are the city’s up-and-coming neighborhoods. Read these stories and more after the jump.

  • A Nordstrom store (left), Gary Barnett (center) and Bloomberg with Peter Nordstrom (right)

    Additional details on Nordstrom’s agreement with Extell Development to take seven floors — some 285,000 square feet — at a planned mixed-use tower on West 57th Street were released today.

    The tower, which will be completed in 2017 or 2018, and sits between Seventh Avenue and Broadway, was just “better” for Nordstrom than the Hudson Yards, where Nordstrom also considered putting a Manhattan store, Nordstrom’s director of merchandizing, Peter Nordstrom said. [more]