NEW YORK | One57 (Carnegie 57) | 1,005 FT | 75 FLOORS

[NYguy]

Originally Posted by RobertWalpole

A mystery buyer has agreed to pay a record price in New York of more than $90 million for the duplex penthouse at a Midtown tower, the building’s developer said Thursday.

Gary Barnett, president of Extell Development Company, said the buyer, who declined to be named or to disclose his country of origin, bought the 10,923-square-foot penthouse on the 89th and 90th floors of One57, the building currently under construction at 157 West 57th Street.

He described the buyer as a “very nice family” who plans to use the penthouse as a residence, and as “someone that people would recognize.” The sale had been a well-kept secret; the buyer agreed to buy the penthouse more than three months ago, he said, when the apartment was listed at $98.5 million — before Extell raised the asking price to $115 million to adjust for the market tumult caused by the 15 Central Park West sale.

Residential is unreal in Manhattan right now. I'm interested to know who that buyer is.


http://www.nytimes.com/2012/05/20/re...o-the-top.html
How’s the Weather Down There?

By ALEXEI BARRIONUEVO
May 17, 2012

...New York, it seems, is entering a tall-buildings arms race. By 2016, New York could have 6 of the 10 tallest buildings in the country (with Chicago having the other 4), and 3 of the highest residential structures, according to the Council on Tall Buildings and Urban Habitat in Chicago.

Following New York by Gehry at 8 Spruce Street and the mammoth One57 at 157 West 57th Street, even taller residential towers are in the works, including 432 Park Avenue on the site of the former Drake Hotel, and the GiraSole, proposed for 11th Avenue on the Far West Side. Both of those buildings would be taller than One57, which will be Manhattan’s tallest residential building, at 1,004 feet, when it is completed next year. And 432 Park Avenue, a condo structure scheduled to be finished in 2016, would be 1,398 feet, surpassing One57 and second in height only to One World Trade Center, an office complex, the Council on Tall Buildings said.

Marketing strategies have often turned on “highest” and “tallest” designations. When Donald J. Trump built Trump Tower at 721 Fifth Avenue in 1982, it was billed as the tallest “all-glass structure” in the city. Today, at 664 feet, it appears as the city’s 52nd-tallest building over all.

Concern about Mr. Trump’s pride in such things apparently led Frank Gehry to make his New York rental tower a few feet lower than Trump World Tower. He told the developer, Bruce Ratner, to “make it a foot lower so we don’t have to deal with” Mr. Trump, The Observer quoted Mr. Gehry as saying in 2010 (to which Mr. Trump replied that he was “not a fan of much of” Mr. Gehry’s work, “although he is a darling”).

With so many developers claiming rights to superlatives about their buildings, I decided to investigate a bit more. I started with the structure that is claiming the title of Tallest in the Upper East — 1214 Fifth. An official from Related Companies, its developer, gave me a tour. It was a gloomy day to see the building, which is just down the street from Mount Sinai Hospital, at 4 East 102nd Street. The lobby is unfinished, as are many other parts of the building. Workers in hard hats bustled about......Yet for all its claims of regional superiority, 1214 Fifth, at 513 feet, will be the 183rd-tallest building in New York.

[NYguy]

http://www.nypost.com/p/news/local/m...dcR5kB8yqnLBeN

Manhattan penthouse sells for record $90-100M: sources



By JENNIFER GOULD KEIL
May 17, 2012

Maybe the bathrooms will be tiled with gold. A Manhattan penthouse duplex that hasn’t even been built yet has sold for between $90 and $100 million, sources told The Post yesterday. The buyer, whose identity has not been revealed, snapped up the 10,923-square-foot penthouse on the 89th and 90th floors of One57, a building under construction at 157 West 57th Street, directly across from Carnegie Hall.

The project’s developer, Gary Barnett, president of Extell Development Company, has boasted that the building is half sold — but it is impossible to independently verify that until any of the deals close. The sky-high price is the result of uncertainty overseas, which has been driving foreign investors to buy real estate in New York, experts said.

The nationality and exact amount the buyer agreed to pay are also unknown, but the price tops the $88 million paid by Russian billionaire, Dmitry Rybolovlev, who reportedly bought a penthouse for his daughter last winter at 15 Central Park West that was owned by the former Citigroup chairman Sanford I. Weill.

While views from the new building will be stunning, the project is certain to block views of other nearby luxury buildings, which is expected to force their prices to fall. Also, some potential buyers have walked away from deals at One57 citing, “design flaws,” real estate sources said. Among the complaints so far are that its builders went against the advice of its architect and neglected to provide enough elevators — particularly problematic for people buying on high floors, who would have to wait a long time for their rides up or down.

[599GTO]

So which of the penthouses is this? There are two penthouses. The 115M one? Why would they raise the price if it sold a few months ago?

edit: it's the smaller penthouse. the larger "winter garden" penthouse is still available.

[yankeesfan1000]

Originally Posted by 599GTO

So which of the penthouses is this? There are two penthouses. The 115M one? Why would they raise the price if it sold a few months ago?

edit: it's the smaller penthouse. the larger "winter garden" penthouse is still available.

In that article right above you, it says, "The buyer, whose identity has not been revealed, snapped up the 10,923-square-foot penthouse on the 89th and 90th floors of One57..." So I assume that's the upper penthouse.

[vandelay]

That is crazy money. You could buy two limestone UES mansions for that price. Well, kudos to the developers.

[599GTO]

Originally Posted by yankeesfan1000

In that article right above you, it says, "The buyer, whose identity has not been revealed, snapped up the 10,923-square-foot penthouse on the 89th and 90th floors of One57..." So I assume that's the upper penthouse.

No, it's the smaller one according to the NY Times. The other penthouse is 13,500 sq ft and has a solarium.

"Earlier this year, he said, a foreign buyer was “very, very seriously looking” at the “Winter Garden” unit, a duplex with a separate solarium totaling 13,500 square feet. The buyer was negotiating to buy that apartment and another full floor — a combination of floors 75 to 77 that would have been 20,000 square feet. The price would have been between $100 and $150 million, Mr. Barnett said.

He would not say why the deal fell through."

http://www.nytimes.com/2012/05/18/re...rk-record.html

[Crawford]

I wonder if it closed closer to 90M or 100M.

If this project can get close to 100M, what would 432 Park get? Or 220 CPS? Or 225 W. 57? Those are all superior locations.

There's also a Zeckendorf tower assemblage on the East Side near Central Park that would probably get higher prices. Not sure if we have a thread on that.

The Norman Foster tower across from the UN (is that a Zeckendorf project too?) would also be competitive.

All hail the .001%

[NewYorkDominates]

^ 0.0000001%

[Crawford]

Someone at work told me the Beckhams bought the condo. That can't be true.

[NewYorkDominates]

Originally Posted by Crawford

Someone at work told me the Beckhams bought the condo. That can't be true.

Doubt it.He makes an annual salary of around $27 million.He wouldn't buy something so expensive in proportion to his salary.

[599GTO]

Originally Posted by Crawford

Someone at work told me the Beckhams bought the condo. That can't be true.

They can't afford a 100M home.

[nyc_alex]

Originally Posted by NewYorkDominates

Doubt it.He makes an annual salary of around $27 million.He wouldn't buy something so expensive in proportion to his salary.

According to Forbes he has made $46 million the past year, and that doesn't include whatever Victoria pulls in. I think that would be more than enough to buy a $90 million place. I don't know how it scales to those numbers, but less than 2x your salary doesn't seem too expensive for real estate.

[Tectonic]

05.18.12





©tectonic

[Mike570]

I bet its mark zuckerburg he's in town because Facebook went public

[Jelly Roll]

Originally Posted by nyc_alex

According to Forbes he has made $46 million the past year, and that doesn't include whatever Victoria pulls in. I think that would be more than enough to buy a $90 million place. I don't know how it scales to those numbers, but less than 2x your salary doesn't seem too expensive for real estate.

And it is not like he only started making money in the past year. The two of them having been pulling in major $$$ for over a decade now.

[JayPro]

She looks to have jumped up past CitySpire by now.

[NYC GUY]

90-100 million dollars for a condo................Must be nice to be rich.

[jd3189]

Originally Posted by Tectonic

05.18.12





©tectonic

Now it's soaring into the sky.

[CarlosV]

another great day in NYC


photo (22) copy by Ceva321, on Flickr

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photo (25) copy by Ceva321, on Flickr

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photo (21) copy by Ceva321, on Flickr

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below taken by my buddy Greg, a new era has begun in NYC...towering heights!


35493_10101652356950243_2221057_69951154_565658922_n copy by Ceva321, on Flickr

[NYguy]

Great shots, and it was a beautiful weekend.


http://observer.com/2012/05/18/billi...cent-sold-out/
Billionaires, Act Fast! Turns Out One57 Is 50 Percent Sold Out



By Matt Chaban 5/18

If only Gary “The Best” Barnett were editing The Times, the Gray Lady wouldn’t have buried the lede.

“I think the story got a little carried away,” Mr. Barnett told The Observer by phone this afternoon. He was referring to a report in today’s Times that Extell, Mr. Barnett’s development company, had sold the penthouse at his 1,005-foot One57 luxury tower for somewhere in the neighborhood of $90 million to $100 million. We asked how—and why—the sale had been kept under wraps for a few of months now, even as the price was raised from $98 million to $115 million in the face of the sale of Sandy Weill’s $88 million spread at 15 Central Park West. “We wanted to tie the two together,” he said, “the penthouse announcement and the fact that we’re 50 percent sold. We thought 50 percent would be the big news, but shows what we know.”

As though he doesn’t know exactly what he is doing. Still, Mr. Barnett has a point: The Times totally ignored the 50-percent-sold news, not mentioning it once. While The Observer finds those “Development X is Y percent sold—yippee!” announcements to be incredibly annoying and boring, we have to admit, this is kind of remarkable news, as well, especially when you put it in context. “We’re basically at a billion dollars worth of sales, which is good for six months, I think it’s a record,” Mr. Barnett said of the still far-from-finished project, which has only been on the market for six months. If he can continue to put up the same sales numbers, Extell would be on track to match, or maybe even best the current best-selling building, that godhead across the park and recently usurped record holder, 15 CPW, where the Zeckendorf’s brought in $2 billion in sales.

Mr. Barnett’s numbers may be even more impressive, considering One57 has 135 units, compared to 202 at 15 CPW. (Obviously, the construction costs and price per square foot would determine the real winner, but we’re journalists, not astrophysicists, so let’s stick to shorthand for now.)

One thing about all the gaga reports over the sale stood out, though. The Post reported that some buyers were unhappy with the quality of One57 and had walked away from some possible purchases: Also, some potential buyers have walked away from deals at One57 citing, “design flaws,” real estate sources said. Among the complaints so far are that its builders went against the advice of its architect and neglected to provide enough elevators—particularly problematic for people buying on high floors, who would have to wait a long time for their rides up or down.

Mr. Barnett called those claims ludicrous. “We’ve got got three elevator banks, that’s about one per 35,” he said. “Normally, it’s one per 90. If anything, the building is super-elevatored.” He thought that the comment might be a dig from Post reporter Jennifer Gould Keill, angry about getting scooped on possibly the story of the year. “She was calling and calling and cursing, trying to get this story, and I think this was just her way of getting back at us.” Ms. Gould Keill could not immediately be reached for comment.

kj_kramer