One57’s big buys

A look at the most buzzworthy purchases in the building — plus the first wave of deals that have officially closed

May.May 01, 2014 06:00 AM
From left:

From left: One57, Silas Chou, Lawrence Stroll and George Constantin

The luxury market has received a lot of press for the outrageous prices buyers are paying. And at almost no building is that truer than at One57, where the average price per square foot is $6,888, according to the building’s offering plan.

The 94-unit tower, which officially launched sales in late 2011, is now 75 percent sold, according to an Extell spokesperson. Two of those sales eclipsed the $90 million mark, the spokesperson confirmed, meaning that when they close, they’ll break the city’s current $88 million record, which was set at 15 Central Park West.

While only 13 units in the building have closed to date — closings started late last year —roughly 60 others are in contract. The closed units, which TRD detailed on the below chart, range in price from $3.6 million to $30.6 million. While most of those deals are not the sexiest in the building, they are hugely important to moving the building into its next phase. And many of the in-contract deals — the most prominent of which are outlined below — are expected to close in the coming months. See below for a look at both.

Unit: PH 75
Price: $90 million to $100 million
Buyer: Consortium of investors led by hedge-fund titan Bill Ackman

Ackman and his fellow investors are in contract for this 13,554-square-foot duplex condo on the 75th and 76th floors, which was asking $115 million. Its most notable feature is a two-story, 51-foot-wide glass enclosed “winter garden” with a curved glass roof. Ackman, the CEO of the hedge fund Pershing Square Capital, has said that the buy was purely an investment, and he would not look to live in the apartment.

Unit: PH 90
Price: More than $90 million
Buyer: Unknown

This 10,923-square-foot duplex on the 89th and 90th floors has six bedrooms and six-and-a-half bathrooms and had an asking price of $115 million. It was snapped up last May for more than $90 million by a mystery buyer. The apartment’s pièce de résistance, sources said, are its panoramic views of the city and Central Park. From the unit, Vanity Fair’s Paul Goldberger wrote in a recent essay “you feel as connected to the sky as to the ground.”

Unit: 82
Price: Just over $50 million
Buyer: Silas Chou

The heir to a Hong Kong–based fortune, Chou is worth $2.4 billion, according to Forbes, and was part of the two-person team that took apparel brand Michael Kors public in 2011. His 6,240-square-foot, four-bedroom, four-and-a-half-bathroom unit at One57 was most recently asking $57.5 million.

Unit: 85
Price: Just under $50 million
Buyer: Lawrence Stroll

Canadian fashion tycoon Lawrence Stroll, the other half of the Michael Kors IPO dream team, is reportedly worth $1.8 billion. He paid just under $50 million for his 6,200-square-foot, four-bedroom, four-and-a-half-bathroom unit shortly after sales at the building launched. Extell’s most recent asking price for the apartment was $62 million.

Unit: 59A
Price: $30 million
Buyer: George Constantin

The man behind commercial real estate investment firm Heritage Realty Services snapped up this 4,483-square-foot, three-bedroom, four-and-a-half-bathroom unit in a sale that officially closed in April. Before founding Heritage, which has $400 million in assets, Constantin was at real estate firm Helmsley-Spear. He currently lives in Westchester, according Heritage’s website.

Unit: 48A
Price: $17.5 million
Buyer: Richard Kringstein

The CEO of apparel maker Herman Kay Company, which makes outerwear for brands such as Anne Klein, opted for this 3,228-square-foot pad on the 48th floor, which has three bedrooms and three-and-a-half bathrooms and was most recently asking $20.5 million.

Unit: 40F
Price: $9.6 million
Buyer: David Beyda

Beyda is the CEO of Town & Country Living, a prominent linen manufacturer. His 2,289-square-foot pad on the 40th floor was most recently asking $9.95 million.

Unit: Unknown
Price: $6.5 million
Buyer: Unnamed Chinese businesswoman

This buyer generated international headlines when she bought this pricey pad for her daughter, in the anticipation that it would come in handy when her kid would attend Columbia or Harvard. The catch? Her daughter’s still a toddler, just two years old.

Click to enlarge. Source: Public records and PropertyShark.

Click to enlarge. Source: Public records and PropertyShark.


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