The Real Deal New York

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
December 03, 2014 08:30AM

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

  • REGuy5000

    What luxury housing bubble?

  • john

    Get used to it, end is very near

    • Crian Bashman

      Zero hedge called, they want their MO back.

  • irock

    CIM/Big Mac must be anxious. ditto for PMG/JDS and others

  • WannaBeLandlord

    Kinda scary in that this was the 1st real ultra luxury condo built since 15 CPW. One would have thought it would have sold out. Lime stone on the park I guess trumps glass with park views. Barnett is still way ahead though.

  • frank nj

    The available pool of tacky Russian billionaires must be drying up. The Russians and Arabs are getting hammered by low oil prices, the Chinese economy is slowing and they are cracking down on corruption big time, Brazil’s economy is at a standstill, Europe is in recession (or depression depending on the country)…that leaves Indian billionaires, and there arent many of those. Oh, and let’s not forget what a hideous tacky monstrosity One57 is…a tall ungainly blue pseudo-Deco turd that looms over the skyline like the turgid dick of a middle aged billionaire who took one too many viagra pills. We are now stuck with this crap on tbe skyline forever…

    • ralphpetrillo

      You are correct, the arabs will pull back. The Chinese are cracking down on corruption, and anyone from China that buys there will get attention unless they left the mainland for good.

  • New Man

    And let the gloating begin…..

  • Scott P

    Regarding some of the responses, which are valid, the first question is whether or not similar priced property is selling in the area. If similar is selling, then see this article:

    #ScottREpFL #realestate

  • Jenn McCready

    What is recorded verses what is signed but not closed is a very different issue. Gary is doing just fine at One57. The hotel just opened and its gorgeous. I saw Jamie Drakes new model and its over the top. Im sure the 20 percent discount was done way before pre construction. All of your comments are that the sky is falling bc you are all so jealous. I am a broker and the market is just fine. Half of One 57 is domestic buyers.