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


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's Gary Barnett and One57 (Getty)
One57 is 90% sold: Extell announces Q1 sales
One57 is 90% sold: Extell announces Q1 sales
Extell sells One57 sponsor unit for $17M
Extell sells One57 sponsor unit for $17M
Extell sells One57 sponsor unit for $17M
The soft market for luxury units has some developers hard up. (Getty)
Buyers taking advantage of New York City’s condo glut
Buyers taking advantage of New York City’s condo glut
One57's unit 51B (left) and unit 32C with Extell’s Gary Barnett (One57 photos via StreetEasy)
One57 resident pays $5.2M to swap 2-bed for duplex
One57 resident pays $5.2M to swap 2-bed for duplex
Central Park Tower at 217 West 57th Street and Extell president Gary Barnett
Closings kick off at Central Park Tower
Closings kick off at Central Park Tower
Dov Hertz (Photo by Studio Scrivo)
The Closing: Dov Hertz
The Closing: Dov Hertz
Gary Barnett’s Extell Development with the $26.7M building he sold. (500w57 via Twitter)
Extell sells West 57th Street office to CBS
Extell sells West 57th Street office to CBS
arrow_forward_ios

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

Loading...