The Real Deal New York

Barnett fears billionaire construction wars at One57

September 28, 2012 01:30PM

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.”

Seven of the building’s 11 full-floor units and two duplex units have already sold to a group of mostly undisclosed billionaires that includes fashion moguls Silas Chou and Lawrence Stroll – both paying about $50 million for their 85th and 82nd-floor units. Both Chou and Stroll plan to finish their units themselves rather than with Extell’s Danish designer Thomas Juul-Hansen.

To head-off potential construction headaches, Barnett has made agreements with the full-floor buyers to allow Extell to do most of the “heavy-work.” But in cases where agreements could not be reached, Barnett has notoriously denied potential buyers access.

“The guy wanted to do his own stuff and wouldn’t let us do what we were going to do,” Barnett said. “I said, ‘Forget it, I don’t want to go through with this.’ ”

But while Barnett apparently is not desperate to sell, he already has more than $1 billion in contract at One57, with about 60 percent of the units sold. [NYT]Christopher Cameron
  • Piedaterre

    Sounds like a condo with coop rules. Ugh!

  • KaKaw

    so put a stipulation in there saying if you want to furnish your own condo, you must do so before x date, or else no major modifications can be made. DUH.

  • EPM

    Thanks Kakaw, imagine buying an $85M apartment and listening to construction noise all the time. There are only 3 elevators.

  • Raging Realtor

    There’s no need to fear, Barnett is hear… Hire some helicopters and open the windows. Works in China.

  • AvoidStupidity

    O my goodness, DonaldTrump must be loosing sleep that this project outshines anyting he has ever done. No bragging rights on this one for him. Kudo’s to Barnett for accomplishing these record prices. Well I always say you can’t blame the guy who takes the money (legally), you blame the people who are foolish enough to pay.

  • Piedaterre

    Why in God’s name would it only have three elevators in today’s day and age?

  • SeenItAllBefore

    I hope Barnett is getting indemnifications from all these billionaires. If the Condo can’t get a permanent certificate of occupancy because of endless construction, all the rest of the unit owners could be up shit’s creek, and Barnett will be long gone…