The Real Deal New York

Category: One57

  • 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]

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  • 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]

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    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]

  • Gary Barnett and Broadway and 57th Street site (credit: PropertyShark)

    The upscale department store Nordstrom, which is known to have been shopping around Midtown for a New York City flagship location, is close to reaching a deal at West 57th Street and Broadway, the New York Post reported. Rumors had originally suggested that the retailer was considering anchoring developer Gary Barnett’s One57 building, just one block east of its future site. While the venue has changed the landlord has not. The site, adjacent to the landmarked B.F. Goodrich Building, was demolished by Extell Development to give way to a gleaming new tower. [more]

  • From left: a rendering of One57 and a rendering of a unit

    Chinese buyers are injecting billions into our residential real estate market nationally, the Wall Street Journal reported. And in an effort to court Asian buyers — mostly from China, but also Hong Kong, Singapore and Korea — developers are employing Feng Shui and installing wok kitchens, which feature stronger exhaust fans than their western counterparts, the Journal said. [more]

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    Iman Shumpert and the Mantena

    Knicks guard Iman Shumpert rents a three-bedroom unit in the Mantena building on West 37th Street. Michael Arad, the architect behind the 9/11 Memorial, takes on project to design rooftop garden for East Village school. Gary Barnett’s One57 tops out at 1,005 feet, now the tallest apartment building in the city. A look at under-appreciated green spaces throughout the five boroughs and the available homes around them. Finally, renovation of Le Parker Meridien’s basement into health, beauty and wellness mecca is complete. Read these stories and more after the jump.

  • From left: Noah Rosenblatt, Eric Barron, Mark Wenitzky and Jill Sloane

    Low mortgage rates together with an influx of foreign capital have boosted New York City residential real estate sales in the past year or so, especially at the “super-high end” of the market. But that trend may create some unintended consequences.

    Today’s Real Estate Trends panel, hosted by Citibank, shed light on the possible longer-term impact of the frothy market — for instance, buyers reluctant to sell when rates eventually do rise, and brokers’ reliance on European buyers, whose cash could dry up fast if the debt crisis on their home continent intensifies. [more]

  • One57

    Nordstrom is said to be continuing to negotiate for the retail space below 90 floors of Gary Barnett-developed condominiums at his forthcoming One57 tower. The New York Observer said that although it’s difficult to nail down and confirm the rumors, the combination of Barnett not actively marketing the space and Nordstrom’s known discussions with the developer at another one of his properties on Fifth Avenue and 47th Street is fueling speculation within the industry of the negotiations at One57. Barnett, who heads Extell Development, declined to comment on the latest report. [more]

  • From left: a rendering of 432 Park Avenue, 1214 Fifth Avenue rendering, 8 Spruce Street and One57 rendering

    New York City has entered the age of a residential arms race, where developers continue to try top each other, literally, in the height of their developments, according to the New York Times. By 2016 the city could have six of the country’s 10 tallest towers and three of its highest residential buildings. [more]

  • Extell Development President Gary Barnett and a rendering of the One57 penthouse

    Gary Barnett has set a new record for a New York apartment sales price with the deal for a penthouse apartment at his One57. According to the New York Times, an undisclosed but recognizable buyer has signed a contract, worth between $90 million and $100 million, for the 10,923-square-foot penthouse on the 89th and 90th floors of the forthcoming building. [more]

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  • Metropolitan Tower versus One57

    May 01, 2012 01:00PM

    From left: Howard Morrel, a senior vice president at Brown Harris Stevens, Leslie Hirsch, a salesperson at Brown Harris Stevens, an interior shot of Metropolitan Tower and an exterior one

    One57 is shining a spotlight on West 57th Street, and some insiders anticipate Extell Development Company’s glittering tower and its oft-mentioned astronomical asking prices will only boost property values in the neighborhood. But for the Metropolitan Tower, the 25-year-old triangle-shaped condominium building across the street, the emerging 1,000-foot structure of One57 is literally getting in the way — of the building’s unobstructed Central Park views. [more]

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