One57 condo sells at record 51% loss

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

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.

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“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