“Unheard of” wealth accumulates at top of One57

New York /
Sep.September 19, 2012 09:30 AM

“The scale of wealth in this building is just unheard of,” appraiser Jonathan Miller told the New York Times of Gary Barnett’s rising One57 condominium tower. Fewer than 40 of the tower’s 92 apartments remain unsold and transaction volume has already surpassed $1 billion. Further, nine of 16 full-floor apartments have sold, and all the buyers are billionaires, according to the Extell Development president, and at least a few of them are “significant Forbes billionaires.”

“Despite all the problems economically, you are seeing these people invest in real estate unlike in any period that has ever happened,” Miller said.

And One57 was timed perfectly to capitalize on this investment climate, as the Times said it had a two-year head start on comprable projects in the works. “A lot of what is happening at One57 is about wealth preservation,” Sotheby’s International Realty broker Nikki Field told the Times. She said at least three buyers in One57 also own in 15 Central Park West.

The success has set the low price for a remaining full-floor residences in the tower, at 157 West 57th Street, at more than $50 million. The Times said Barnett has not hesitated to turn away prospective buyers, including One Hyde Park developer Nick Candy, who wanted the ability to flip a unit before construction was complete, when negotiations become difficult. [NYT]Adam Fusfeld


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
Extell Development's Gary Barnett (Credit: Getty Images and iStock)
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Central Park Tower
Extell just went public with Central Park Tower listings
Extell just went public with Central Park Tower listings
Extell to build UES building around 2 occupant holdouts
Extell to build UES building around 2 occupant holdouts
Extell to build UES building around 2 occupant holdouts
From left: Robert Mercer with 48-05 Metropolitan Avenue and Gary Barnett with 17 West 60th Street (Getty, Google Maps, Bulado General Contractors Corp)
$730M loan bundle funds slew of NYC projects
$730M loan bundle funds slew of NYC projects
Manhattan rents recover to pre-pandemic levels as new leases slow
Manhattan rents recover to pre-pandemic levels as new leases slow
Manhattan rents recover to pre-pandemic levels as new leases slow
Annual contract activity comparisons are starting to look normal again
Residential market picks up in Brooklyn and Manhattan, sinks in suburbs
Residential market picks up in Brooklyn and Manhattan, sinks in suburbs
Gary Barnett and Central Park Tower at 217 West 57th Street
Why Gary Barnett is selling Central Park Tower at 25% off
Why Gary Barnett is selling Central Park Tower at 25% off
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...