One57 condo sells at $6M loss

With another resale, came another bargain at Extell Development’s One57. 

A 58th-floor condo at the tower sold last month for $19.3 million, down $5.5 million from the asking price, according to property records. The buyer, shielded by an LLC, paid $4,600 per square foot for the three-bedroom unit.

Douglas Elliman’s Chih Chun Jerry Huang had the listing. Unit 58B hit the market last summer asking $24.8 million after the seller, an unknown LLC, purchased the condo in 2015 for $24.6 million. 

The deal for the 4,200-square-foot condo marks another discounted resale at 157 West 57th Street. The megatower, once considered the star of Billionaire’s Row, once fetched record-high deals, but has since lost momentum. 

One57 was the first of the ultra-luxury buildings to go up in the highly-anticipated corridor, launching in 2011 and going on to report sky-high sales figures. Around the time Manhattan’s luxury condo market reached its peak in 2014, the developer sold a penthouse in to billionaire Michael Dell for $100 million. 

But demand for units in the building has since cooled, with resales posting notable losses. Investor Robert Herjavec, known for his appearances on Shark Tank, bought a condo in 2021 for $34.5 million — about $13 million less than its previous purchase.

The building’s other 58th-floor unit sold in December 2020 for $16.8 million, down more than 50 percent from its initial purchase price in 2014. Chinese conglomerate HNA Group also sold three units in the building in 2020, all at a loss. 

When the ultra-luxury market began to slow in recent years, Extell has been quick to jump on the offensive with perks to lure buyers. 

The developer in 2018 offered three years’ worth of common charges on one- and two-bedroom units entering contract by Dec. 31 that year. After mortgage rates soared in late 2022, Extell offered a “Rate Rewind” program that would buy down mortgage rates for buyers at One Manhattan Square on the Lower East Side and Brooklyn Point in Downtown Brooklyn.