Extell breaks its own rule for One57’s first resale

Jan.January 07, 2014 02:38 PM

Extell Development reportedly typically forbids buyers from flipping contracts before closing and from trying to sell units until a year after purchase. But it seems that the developer has loosened the restrictions at One57.

Last week, Tao Liu of Shanghai listed a one-bedroom condominium at the building, as The Real Deal first reported. He paid $3.56 million for the unit in April 2012, but listed it for $6 million, or about $5,700 per square foot.

The quick turnaround — mere days after closings began at the 1,004-foot-tall building at 157 West 57th Street — underscored some observers’ speculation that the quick pace of sales at the pricey tower was buoyed by speculators looking to make a quick profit on their units, the Wall Street Journal reported.

Then again, early buyers turn to resales when home values increase, according to Elliot Joseph of developer Property Markets Group, which is building its own West 57th tower at No. 107, along with JDS Development.

“The first people through the door usually get a better deal,” Joseph Told The Wall Street Journal. [WSJ]Mark Maurer

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