One57 condo sells at record 51% loss

58th floor unit closed for $17M as market continues to face setbacks

New York /
Jan.January 08, 2021 02:45 PM
Extell CEO Gary Barnett pictured with One57. (Extell, One57)

Extell CEO Gary Barnett pictured with One57. (Extell, One57)

 

A condo at Extell’s One57 sold for $16.75 million — more than 50 percent below its previous purchase price, marking a record resale loss at the Billionaires’ Row tower.

The three-bedroom unit on the 58th floor originally sold in 2014 to an LLC, One 57 Realty, for $34 million.

As the pandemic took hold in March, it was listed with Corcoran for $24.8 million, according to StreetEasy. That was already a good deal lower than the 2014 sale price. It went into contract in December at $22.25 million.

The sale closed earlier this week at the reduced price, as Bloomberg first reported. It’s the biggest loss on a resale within the luxury building.

“Unfortunately, this was an estate sale and they decided to just dump it,” Extell chairman Gary Barnett told the outlet.

One57 was the first luxury condo to rise along what would eventually become known as Billionaires’ Row, and racked up dozens of high-priced deals — including the first $100 million sale, for a penthouse purchased by Michael Dell in 2014 — in the years after it launched sales. But a softening luxury market and the coronavirus have hit the building hard, along with other high-end Manhattan condos.

Earlier this year, Chinese conglomerate HNA sold three condos within the tower, taking a loss on all three properties.

[Bloomberg] — Amy Plitt





    Related Articles

    arrow_forward_ios
    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
    Gary Barnett taps outsider as CEO of Extell
    Gary Barnett taps outsider as CEO of Extell
    Gary Barnett taps outsider as CEO of Extell
    Frank Lloyd Wright with 1425 Valley View Drive (Getty, Re/Max)
    Unique Frank Lloyd Wright home available … for now
    Unique Frank Lloyd Wright home available … for now
    A photo illustration of the Arizona Ghost Town Museum in Pearce, Arizona (Getty Images, Facebook/oldpearcepottery)
    Night at the museum: Ghost town general store turned-home lists at $1M
    Night at the museum: Ghost town general store turned-home lists at $1M
    Ben Simmons and Olympia Dumbo (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images and Olympia Dumbo)
    Fortis’ Olympia Dumbo lures Brooklyn Nets star
    Fortis’ Olympia Dumbo lures Brooklyn Nets star
    Fredrik Eklund and John Gomes (The Society Group, 53w53)
    Eklund-Gomes couples 53W53 open house with magazine launch
    Eklund-Gomes couples 53W53 open house with magazine launch
    Alec Baldwin with 335 Town Lane (Getty, Hampton Real Estate)
    Alec Baldwin bailing on Amagansett estate
    Alec Baldwin bailing on Amagansett estate
    arrow_forward_ios

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

    Loading...