One57 Sales Begin with Bargain Prices at $6,000 per square foot

Sales have unofficially kicked off at One57, New York City’s new 90-story condominium tower in Midtown. Bargain prices for units inside the building are reportedly around $6,000 per square foot.

Owned by Extell Development, One57 is a 1000-foot tall property located at 157th West 57th Street between Sixth and Seventh avenues. It is slated to replace New York by Gehry at 8 Spruce Street as Manhattan’s tallest residential building once construction is complete within the next two years.

A sales office is supposed to officially open at the end of October, but foreign buyers, primarily from China, have already grabbed some of the units since the developer began shopping them privately last month.

A source who wished to remain anonymous said, “these are bargain prices!” The $6,000 per square foot price tag reportedly represents a presale discount. Small units in One57 (one bedrooms that are about 1,000 square feet) located on the lowest floors start at about $3,4000 per square foot.

Pricier units include two enormous penthouses that went on the market in August, priced at a whopping $98.5 million each. One penthouse, located on the 90th floor, is 10,923 square feet while the other penthouse, located on the 75th floor, is 12554 square feet.

Christian de Portzamparc, the Pritzker Prize-winning architect, designed One57 and a Park Hyatt hotel will be located on the first 30 floors in addition to 95 luxury condos on the upper 60 floors. Industry professionals have already pegged One57 as a destination for foreign buyers who are looking to purchase luxury residences in New York City. Similar buildings including 75 Wall Street in the Financial District and the Trump Soho Hotel Condominium at 246 Spring Street – both of which also have hotels in their lower levels.

Patricia Cliff, the Corcoran Group’s director of international sales, said One57 is a competitor of the Time Warner Center, which houses the Mandarin Oriental Hotel. Cliff said, “There hasn’t been much in the way of top, luxury, prime location development in the last few years because of the shortage of money,” adding that the prestige of owning in the newest luxury building is a selling point for overseas buyers. Foreign buyers are expected to be impressed with the address, the location and the view of Central Park.

Source: The Real Deal New York

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