Posted Oct 25, 2012, 1:21 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,945
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http://observer.com/2012/10/is-one57...nearby-towers/
Is One57 a Bummer Or a Boon for Nearby Condo Towers?
By Kim Velsey 10/24/12
Quote:
It has been, thus far, a year of almost incandescent hopes for the Manhattan luxury market. The $88 million sale at 15 CPW, the $70 million sale at the Ritz Carlton and rising like a beacon to the south, the unfinished One57 tower, with a penthouse in contract for more than $90 million.
Is One57 a rising tide that will lift all boats (yachts?) or an ultra-luxury development that most other buildings breaking the skyline can’t compete with in finishes or prices? Or even worse: a view-blocker, shadow-caster and general reminder that places like the Time Warner Center and the Trump International are not as new as they once were?
CitySpire residents, for one, seem to believe that One57′s existence gives them carte blanche to ask unheard of prices, not only for the market, but for the building. From the $100 million triplex that was purchased for just $4.5 million in the early 1990s as raw space to the $9 million three-bedroom that came on the market yesterday—a condo that if sold at the asking price would more than triple the highest price ever paid for a finished unit in the building. It would also command $1,000 a square foot more than anything else at CitySpire ever has.
“It’s the new normal! I know that these apartments will go very very high,” declared Marie Bianco, the Prudential Douglas Elliman broker with the $9 million listing (she also has a number of other less expensive listing in the building). “This is priced right, you can’t find them anywhere. The thing is, One57 just popped up and it’s in the same vicinity, so why shouldn’t it get these prices?”
One57 didn’t block CitySpire’s view, she reasoned, in fact, the two buildings basically shared a view. And while the building itself was older and in need of some “patching up,” the apartment itself had been “perfectly renovated.” In fact, she estimated that the average price per square foot had leapt from around $2,100 to somewhere between $3,000 and $3,500—though the building has yet to see a sale that would bolster such a reality.
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Agreed, and it's going to be more than one tower. Without the great crown, One57 is practically at the same level as the ESB at the moment.
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