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Residential
New York

One57 penthouse enters contract after markdown

Unit last asked $34M, down from $45M initial asking price

One57 Penthouse Enters Contract After Markdown
Extell’s Gary Barnett with One57 (Godsfriendchuck, CC BY-SA 3.0 via Wikimedia Commons, Getty)

A penthouse at Extell’s One57 found a buyer after an eight-figure price cut. 

The five-bedroom unit went into contract with a last asking price of $34 million, The Wall Street Journal first reported. The deal for the 6,200-square-foot penthouse, which hasn’t closed yet, follows a string of discount resales at the Billionaires’ Row tower.

The identities of the buyer and seller are unknown, though the seller’s LLC is linked to Wu & Kao, a law firm known for its work with wealthy Chinese clients. 

Chinese conglomerate HNA purchased the condo in 2015 for $47 million — $13 million less than the last asking price. The 88th-floor apartment was one of at least four other units in the tower purchased by HNA, which became enmeshed in financial woes as the Chinese government cracked down on cash-strapped companies with holdings abroad.

The troubled firm sold the apartment for just $28 million in 2020, two years after it began offloading many of its assets outside China. That same year, the company sold another unit at the 93-story supertall for more than $12 million less than it paid in 2014.

The apartment hit the market again last June asking $45 million before a series of cuts.

The condo offers sweeping views of the city, including Central Park and both the East and Hudson rivers. It features a 57-foot-long great room, open kitchen and family room and primary bedroom with a sitting area. 

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Serhant’s Talia McKinney and Ryan Serhant had the listing.

Neighboring supertalls have since eclipsed One57, once the premier building on Billionaires’ Row. The tower broke records in 2014 when billionaire tech entrepreneur Michael Dell paid over $100 million for a penthouse. 

A year later, hedge-funder Bill Ackman bought a penthouse in the building for $91.5 million. Ackman said it was “the best apartment in the world” at the Sohn Investment Conference in 2015. 

Other units in the building have also traded at steep discounts. Earlier this year, a 58th-floor condo sold to an unknown buyer for $19.3 million, down $5.5 million from the asking price. 

— Sheridan Wall

href=”mailto:sheridan.wall@therealdeal.com”>Sheridan Wall

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Extell DevelopmentRyan Serhant