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Old Posted Jan 9, 2013, 6:53 PM
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It's supposed to be completed in 2014, so likely soon.


http://observer.com/2013/01/57th-hea...belt/?show=all


Quote:
Barry Sternlicht, the creator of the W and Starwood hotel chains, had already planted his flag at 107 West 57th Street, having bought the vacant lot from another developer for $52 million in 2005. Last year, Mr. Stern bought into the property for $40 million, and together they’re now planning a shard of an apartment tower, all boutique luxury beauty, shooting up some 700 feet and 50 stories, but only 34 feet wide. With its pointy top, this might become the most expensive toothpick ever made.

But is there really a market for so many multimillion-dollar homes all bunched up together like this? “I think so,” said Jonathan Miller, the master appraiser. “So long as the market isn’t flooded, which it’s really not, and we only get one or two of these projects a year, we should be fine.”

“Remember,” he added, “these buildings are big, but so are the apartments, so there really aren’t that many of them.” One57 has 135 units (plus a Hyatt hotel on the bottom half) and 432 Park has 128, while 107 West 57th Street has all of 27 units planned, each one taking up at least an entire floor and more than half will be duplexes.

Meanwhile, demand is skyrocketing like these towers. Just as these new buildings are in a different class, so are the buyers. “Before, this was a small investment, little more than a hotel room,” Mr. Greenblatt explained. “Now, these are real homes, big homes, with the nicest finishes. These are the type of buyers who own homes all over the world, so that’s what they want.”

Mr. Greenblatt actually believes that there has been pent-up demand for these kinds of apartments for years that is only being worked out now, and that it should last for years, as global wealth continues to concentrate in the hands of the few and find its way into New York and other world capitals.
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