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September 11, 2001 Never Forget
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SSP member since 2003
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The latest is 157 West 57th Street (One57, as it is branded), which opened for sales this year with an average apartment size of 3,584 square feet. In fact, more than half of the condos in the building have 3,000 square feet or more, said Gary Barnett, the president of Extell Development Company, which is building One57.
Yet even with 10 full-floor apartments selling for about $50 million each and a duplex penthouse listed at $115 million, Mr. Barnett was finding that demand among the world’s superrich for the largest apartments was heavier than he expected. The full-floor apartments — all bought by billionaires — are almost gone. So two months ago, the developer combined smaller apartments into four apartments of 5,500 square feet each that could be configured with five bedrooms or with four bedrooms and a library. Asking price: around $35 million apiece.
“As pricing has escalated,” Mr. Barnett said, “you are reaching into a new class of buyer, a wealthier class of buyer, and they want to live graciously. It is not the amount of bedrooms that counts, it is the graciousness of the space that matters.”
Great, so when's the next beautiful, taller tower coming? =)
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1. 9 DeKalb Ave - Brooklyn, NYC - SHoP Architects - Photo
2. American Radiator Building - New York City - Hood, Godley, and Fouilhoux - Photo
3. One Chicago Square - Chicago - HPA and Goettsch Partners - Photo
4. Chicago Board of Trade - Chicago - Holabird & Root - Photo
5. Cathedral of Learning - Pittsburgh - Charles Klauder - Photo
Rising proof that there is legitimate demand for these types of properties. These results should propel other comparable projects in the pipeline to move forward relatively soon.
__________________ "I'm going there, but I like it here wherever it is.."
I'm now a member here as well. So thought I'd post the photos I took today. The weather wasn't great so they aren't as good as my last photos... But still gives you a good idea of how tall One57 is now. It appears to be slightly taller than neighboring Carnegie Hall Tower.
Vast majority of 1% couldn't even afford a closet in those apartments.
Top 1% in the US makes something like $350k/yr, if I'm not mistaken... So at that rate, you'd have to work for 100 years, pay no taxes, and spend no money, in order to buy one of the full floor condos ($35 mil).
I guess the quote about combining apartments explains why some sources list the building as having 135 units and some say 90... The lower number must be correct.
I'd imagine most of the people buying condos in projects like this will never live there and it's just an investment property.
They'll live there.....a few weeks of the year. People who buy properties of this magnitude are high flyers and live everywhere. See 15 CPW...same international cachet and I've been in the building many times and see lots of people going in and out.
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True as well!
So thought I'd post the photos I took today. The weather wasn't great so they aren't as good as my last photos... But still gives you a good idea of how tall One57 is now. It appears to be slightly taller than neighboring Carnegie Hall Tower.
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