A two-story penthouse in One57-a glass tower that will be New York City's tallest residential high-rise when it opens next year-recently sold for $90 million, setting a new record for the city's residential real estate market.
The sale closed in May before the unit's floors were framed, let alone built. And even though the penthouse will sit on the 89th and 90th floors, overlooking Central Park, it's not even the most expensive unit in the soaring glass tower.
The sale illustrates how strong the demand has been among the ultra-wealthy for living space in the hot and glitzy tower, even at a time when the rest of the nation's housing market remains largely moribund and the overall economy continues to sputter.
At about the time it was striking new ground in Manhattan residential sale prices, Extell Development announced One57 had reached $1 billion in sales. The building, whose lowest-priced units start at around $3.2 million, was half sold within six months after presales started last November.
"We're seeing buyers from as far away as Hong Kong," says Gary Barnett, president of Extell Development Company, which is building One57 in Midtown Manhattan, across from the world-renowned Carnegie Hall. "Our buyers are visionaries who recognize the building's value and are confident enough to buy off of floor plans at premium prices."
Located on West 57th Street between Avenue of the Americas and Seventh Avenue, One57 is changing the city's landscape more than just visually. It is also making a mark because of its prices, its aesthetics and its impact on the city's real estate market, observers say.
"Because of One57, you're going to see a lot more high-end condos going up," says Jason Sheftell, real estate editor at the New York Daily News. The decline of the euro has helped fuel interest in the city's luxury market across the globe, he adds. "For those looking for somewhere good to buy real estate, that means New York City right now."
Extell has done more than simply provide floor plans to sell its space. The building's sales gallery is just two blocks up from where One57's skeleton is reaching into the sky and starting to get its glass skin. Located on the second floor of the Fuller Building at East 57th Street and Madison Avenue, the gallery gives prospective buyers a glimpse into what it will be like living in a 1,004-foot skyscraper.
The sales center provides a high-tech, multimedia and concrete exploration of both the inside and outside of a building that is gradually carving its own niche in the iconic New York City skyline, starting with the tall black doors into the gallery that replicate One57's entrance. The gallery includes a scale-model of the building, with its floors lighting up as Extell Sales Director Dan Tubb describes their sizes, views and prices. It will house 92 condominiums in all.
The lowest residential tiers start on the 39th floor-a 210-room Park Hyatt hotel will occupy the lowest 27 floors-and will house units with one to four bedrooms, ranging in size from a little more than 1,000 square feet to about 3,500 square feet. In the next tier up, residences will cover half of a floor. For example, the three-bedroom, three-and-a-half-bath, 4,200-square-foot units will have ceilings more than 11 feet high and a great room with northern views of Central Park and southern views of downtown Manhattan. The prices for these start at $10.7 million.
The top-tier residences will each take up an entire floor. These will cover more than 6,200 square feet, with four bedrooms and five and a half bathrooms. The grand salon will have three distinct views; so will the master bedroom suite, which also will have a dual master bath-his and hers toilet closets. Prices for these units hover around $57 million.
While the top penthouse will have the highest view, the "high-living" bragging rights will actually belong to the owner of the lower penthouse, on floors 75 and 76. It will measure 13,500 square feet, with six bedrooms and seven and a half baths, with a fully enclosed, climate-controlled, dual-level winter garden or pool, whichever the owner prefers. The asking price: $115 million.