The Real Deal New York

Yet another One57 seller takes a loss

The unit sold for $6M less than the seller paid in 2015
By Meenal Vamburkar | September 10, 2018 02:30PM

One57 at 157 West 57th Street and a cartoon of a seller losing their money (Credit: Getty Images and iStock)

An apartment at One57 just sold at a $6 million loss.

Unit 77 sold for $42 million, according to records from the city’s Department of Finance. The condominium was listed last year for $49 million, with the price later cut to $44 million. In 2015, an undisclosed European buyer bought the apartment for $47.8 million.
Douglas Elliman and Compass had a co-exclusive on the listing.

Unit 77

The buyer is listed in property records as Pilchuck Corp., with attorney Navid Aminzadeh as the signatory. Attorney James C. Kennedy is the signatory for the seller.

The apartment spans roughly 6,200 square feet and includes private elevator access. The unit also has a home automation system, to control audio/visual, lighting and motorized shades. One57’s amenities include a full catering kitchen and access to all services at the Park Hyatt Hotel.

Other One57 sellers this year have also taken losses. In March, one seller lost roughly $6 million on a unit that sold for $21.5 million. In May, Canadian billionaire Lawrence Stroll took a loss on the apartment he bought in 2014. His sale closed at $54 million, less than the $55.6 million he paid for it.

Meanwhile, Extell Development resorted to discounting sponsor units at the supertall — amid the luxury market slowdown. CEO Gary Barnett has previously said it made sense to do it, since his competition was also cutting prices. The move also helps “clear the deck” for Extell’s upcoming Central Park Tower, he said.