What could NYC’s luxury developers buy with their profits?

Tons of sugar, a pond of sweet tea and a whole lot of cotton candy

New York /
Aug.August 23, 2013 02:24 PM

If every apartment at 432 Park Avenue sells for the asking price, Harry Macklowe would gross a cool $2.9 billion — enough to buy 8.6 million tons of sugar.

Curbed crunched the numbers to determine just how much some of the city’s most expensive buildings would nab if the developer managed to sell each apartment for the stated asking price — and what they could buy with the proceeds.

At the top of the list was 432 Park, followed by Extell Development’s One57 — which would net $2.3 billion, reportedly enough dough to fill one-third of Central Park’s reservoir with McDonald’s sweet tea. Alexico Group’s 56 Leonard, on the other hand, stands to make $1.2 billion, which Curbed tells us would buy 4.8 million square feet of Midtown East air rights under the new zoning plan… or 960 ounces of cotton candy.

Next in line is the Witkoff Group’s 10 Madison Square, which would rake in $782 million should every unit sell at its full ask. Just across Madison Square Park from Shake Shack, the earnings would be enough to feed the entire LinkedIn staff with Danny Meyer’s burgers.

Rounding out the bottom trio were JDS Development’s Walker Tower at 212 West 18th Street, Related’s One Madison Park and VE Equities’ 11 North Moore, which would nab $535 million, $468 million and $141 million, respectively. That $141 million, as Curbed points out, is nothing to sniff at: the funds could be sufficient to purchase one penthouse at the Pierre. [Curbed]Julie Strickland


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