Extell’s One57 sold only one unit in the third quarter

At that pace, it will take developer six more years to sell all the apartments in luxury building

TRD New York /
Dec.December 03, 2014 08:30 AM

Extell Development sold just one apartment at One57 in the third quarter of the year.

As of September 30, 24 of the 94 units at the luxurious tower at 157 West 57th Street remain unsold, roughly three years after hitting the market, according to Bloomberg News. In total, three units were sold at the tower this year. Sales at the property  have slowed as the shiny tower faces competition from nearby residential developments, according to the website.

Gary Barnett’s Extell broke ground on the tower in 2009, one of the first on what is now known as “Billionaire’s Row.” Nearby, Zeckendorf Development’s 520 Park Avenue is under construction, as well as Vornado Realty Trust’s 220 Central Park South and, the tallest of them all, 432 Park.

At one apartment per quarter, it would take Extell six more years to sell all the units in the building, appraiser Jonathan Miller told Bloomberg. Sales at the building started in 2011.

“That would be a nine-year absorption rate,” Miller told the website, “which would be unprecedented in the entire history of New York City residential development.” [Bloomberg News] — Claire Moses


Related Articles

arrow_forward_ios
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Here are the week’s top luxury sales
Clockwise from left: John D. Rockefeller, Izzy Englander, Steven Mnuchin, David Koch, Jacqueline Bouvier, and William Zeckendorf (Credit: Getty Images and StreetEasy)

For 15 years, David Koch lived at the world’s “richest building”

For 15 years, David Koch lived at the world’s “richest building”
Here are the week’s top luxury sales

Here are the week’s top luxury sales

Here are the week’s top luxury sales
Joseph Tabak

Portrait of a deal junkie: The Joseph Tabak story

Portrait of a deal junkie: The Joseph Tabak story
19 Strong Place and 161 Warren Street (Google Maps, iStock)

Brooklyn’s luxury market has best week since before the pandemic

Brooklyn’s luxury market has best week since before the pandemic
217 West 57th Street with Extell Developement's Gary Barnett and Corcoran's Pamela Liebman (Photos via Extell; Barnett via Anuja Shakya)

Extell brings on Corcoran Sunshine to help market Central Park Tower

Extell brings on Corcoran Sunshine to help market Central Park Tower
1 Prospect Park West and 557 9th Street in Park Slope (StreetEasy; Google Maps)

Park Slope homes lead Brooklyn’s luxury deals this week

Park Slope homes lead Brooklyn’s luxury deals this week
389 Bergen Street and 219 Jefferson Street (Google Maps)

Nearly $30M in Brooklyn luxury contracts signed last week

Nearly $30M in Brooklyn luxury contracts signed last week
arrow_forward_ios

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

Loading...