Chinese investor buys One57 pad for $47M

Pacific American Corporation affiliate takes full-floor unit on the 88th floor

TRD New York /
Apr.April 07, 2015 04:30 PM

A Chinese investor closed on an 88th-floor unit at Extell Development’s One57 for $47.3 million, according to property records filed with the city today.

An affiliate of the aviation company Pacific American Corporation — under a shell company named Pac Wholly Own LLC — bought full-floor unit #88 at 157 West 57th Street, property records indicate. Department of State records indicate that Gio Qing Chen is CEO of Pacific American. Chen is also founder of HNA Group, China’s largest private airline company. A Pacific American-affiliated LLC also closed on an 86th-floor pad at the building in February for $47.4 million, as The Real Deal reported.

The original asking price for the 6,231-square-foot, four-bedroom, four-bathroom unit on the 88th floor was $52.5 million

Extell, led by Gary Barnett, broke ground on the 94-unit luxury tower in 2009. One57 was one of the first buildings to Transform 57th Street into what is now known as “Billionaires’ Row.”

In January, One57 set a new record for the priciest closed sale of a New York City apartment, at $100.5 million, as TRD reported. But the building has seen sluggish sales; a 64th-floor unit closed in December for $25 million, at a roughly 20 percent discount. In the third quarter of 2014, only one unit closed at the building.

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