Yet another One57 seller takes a loss

The unit sold for $6M less than the seller paid in 2015

TRD New York /
Sep.September 10, 2018 02:30 PM

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.


Related Articles

arrow_forward_ios
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”

255 West 11th Street with Liv Tyler and 49 East 67th Street  with Thomas and Ann Unterberg (Credit: Getty Images and Google Maps)

Here’s what sold in NYC’s luxury home market last week

This week, the State Department of Taxation and Finance issued a new memo that notably made no mention of condos. (Credit: iStock)

Regulators quietly change stance on condos in LLC law

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

110 Central Park South and Aleksandra Melnichenko (Credit: Google Maps and Getty Images)

Who’s buying what? Here are our top luxe resi sales

Lee Radziwill and her home at 160 East 72nd Street (Credit: Getty Images, Brown Harris Stevens)

Longtime home of Lee Radziwill, sister to Jackie O., sells for $4M

Daily Digest Thursday

Worker killed at Lam Group construction site, Uber signs WTC lease: Daily digest

Developers are offering to pay the increased mansion and transfer taxes to give them an edge in a difficult market. (Credit: iStock)

Amid slow sales, developers give buyers a break on mansion taxes

arrow_forward_ios