Asian buyers have first crack at Extell’s One Manhattan Square

Most units at 250 South Street priced between $1M to $3M

New York /
Oct.October 15, 2015 08:00 AM

New Yorkers will have to wait in line for an apartment at Gary Barnett’s One Manhattan Square condo tower on the Lower East Side, because Extell Development is marketing the project to Asian buyers first.

Extell will start sales for the 800-plus-unit building exclusively overseas, with Barnett targeting buyers in China, Malaysia and Singapore. Apartments at the 80-story tower, located at 250 South Street, won’t be for available Stateside until early next year.

The units also won’t be breaking any price records, with most One Manhattan Square condos to be listed at between $1 million and $3 million, according to Bloomberg.

“We think that’s A Reasonable Place to be,” Barnett said of the building’s pricing. “There are a tremendous amount of people who would like to own something in New York City but are priced out because everybody’s building super-luxury.”

It is an interesting sentiment from Barnett — whose projects, like the 1,004-foot-tall One57 at 157 West 57th Street in Midtown, helped spark the luxury, high-end condo development boom in Manhattan. A penthouse at One57 broke the city record for most expensive apartment sale late last year, closing at $100.5 million.

With 815 units, 250 South Street ranked as the city’s largest new condo project filed over the 12-month period between July 2014 and June 2015, according to an analysis by The Real Deal earlier this year.

Barnett has faced significant community opposition to his One Manhattan Square project, with neighbors claiming its towering presence represents an eyesore and will accelerate gentrification in the Two Bridges/Lower East Side neighborhood. [Bloomberg]Rey Mashayekhi


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
Extell Development's Gary Barnett (Credit: Getty Images and iStock)
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Chelsea residents paid Gary Barnett $11M to protect their views from a planned tower
Central Park Tower
Extell just went public with Central Park Tower listings
Extell just went public with Central Park Tower listings
Extell's Gary Barnett and Central Park Tower
Central Park Tower condo sells for half its asking price
Central Park Tower condo sells for half its asking price
Gary Barnett with an aerial of 738 and 740 Eighth Avenue (Google Maps)
Extell’s Times Square megaproject advances with $82M deal
Extell’s Times Square megaproject advances with $82M deal
Extell’s Columbus Circle dev site dream is shrinking
Extell’s Columbus Circle development dream is shrinking
Extell’s Columbus Circle development dream is shrinking
Robert Herjavec and One57 (Getty, Beyond My Ken/Wikimedia)
Robert Herjavec buys One57 condo at $13M discount
Robert Herjavec buys One57 condo at $13M discount
A diamond is forever. Is the Diamond District?
A diamond is forever. Is the Diamond District?
A diamond is forever. Is the Diamond District?
arrow_forward_ios

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

Loading...