The Real Deal New York

Extell changes tack, lists One57 units on StreetEasy

By Katherine Clarke | February 06, 2014 02:50PM

Sponsor units at Extell Development’s trophy residential tower One57 have finally been listed on StreetEasy. Four units were listed for sale by the developer on Tuesday, asking between $18.85 million and $32.75 million, the listings website shows.

The move by Extell to list the units publicly represents a turnaround in the marketing of the building. Since One57 launched sales in 2011, the developer has famously eschewed listing units on broker databases, such as the Real Estate Board of New York’s Residential Listing Service (RLS), On-Line Residential or sites like StreetEasy.

“The building is open and closings are underway,” said a spokesperson for Extell. “Prospective buyers now have the opportunity to experience the homes and the spectacular views of Central Park. We felt that this was the appropriate time to publicly list select residences online.”

Extell’s decision may have been prompted by a desire to offload the units before a flush of new inventory comes online along the 57th Street corridor, driving down prices, sources said. While sales appear to have been brisk in the early days of marketing at One57, the developer has not updated its public sales figure showing “over 70 percent” sold since the summer.

“We’ve been hearing since the fall that they’d sold 70 percent,” said Donna Olshan, CEO of boutique residential brokerage Olshan Realty. “They were very fortunate in that they came out when there was no competition. There’s more competition now, and even more competition slated for that corridor, so it behooves them to get this thing sold.”

Among the projects set to come online on 57th Street is the nearly 1,400-foot residential “skinny” tower at 111 West 57th Street by Property Markets Group and JDS Development, another Extell building with 233 condos at 225 West 57th Street and a 65-story tower with rental and condo units by development company the World Wide Group at 252 East 57th Street.

Keeping listings shrouded in mystery may have been a tactic for Extell early on, The Real Deal previously reported. By declining to publish listings on public databases, the company gave buyer’s brokers less information, encouraging in-house direct deals with the sponsor and saving on commissions.

Known buyers at One57 include a Bill Ackman-led investor and Richard Kringstein, co-owner of outerwear manufacturer Herman Kay. They bought their units for $90 million and $17.5 million respectively.

  • CPS

    57th Street developments will soon become secondary addresses being view deprived/blocked out by Witkoff’s/Maclowe 36CPS,
    Vornado’s 220CPS and some other Central Park South developments.

    • realcity

      Witkoff doesn’t want to say it. He knows he make tons of money. He will let everybody else build and then will build when there is no more supply

  • yoyo

    wow, you mean being transparent is article worthy? Amazing in this day and age that listings that are for sale are being held back. There is a simple solution to this, create a record in RLS for every unit in the offering noted in the schedule A..then, once a record is created, the sponsor/sales team has every right to take a batch of listings off market if they so choose..they can always re-activate them. But at least the market can easily see what is going on, whats avail, whats off mkt, and have the bldg be properly measured.

  • lon

    C’mon Extell…2 words: C H E A P and terribly TACKY of them posting on Street Easy. It tells a lot about the organization that is selling. Hire a Luxury Real Estate firm i.e. Sotheby’s, Stribling, Corcoran or Elliman … to sell the remaining units left on your behalf.

    • Victor

      Extell is doing a wonderful thing by using a truly free marketplace tool to sell their product. Are you by any chance an elitist butthurt agent no longer able to use a government issued license to limit how a product can be presented for sale?