Price Cuts at One57

One57's exterior 

38 condos at One57 are getting a large price cut to cater to Manahttan's middle market.

The Real Deal recently reported that Extell Development is offering a significant discount on 38 apartments in One57.

They are predominately low floor units—21 one bedrooms, 10 two bedrooms, 6 three bedrooms, and 1 four bedroom duplex— which were originally intended for rentals, and will range from $3.45 million for a 1,021 sqft, one bedroom to $17.5 million for a 4,635 sqft, 4 bedroom duplex. One bedroom equates to about $3,379 per foot and $3,337 for the duplex.

On average, these units are asking right around $3,967 per foot—the rest of the building unit’s averaging $10,337, which is significant, but slightly inflated due to the $100.5 million penthouse, which broke city sales records in 2015.

 

Living room at One57

Gary Barnett of Extell disclosed in April that he would sell the former rental units—last year Extell failed to sell the units in bulk after offering them for $250 million. Barnet recognizes the “demand for efficiently sized, luxury inventory below $10 million, and that “there is absolutely no comparable product currently on the market.”

The new condos are targeted at the middle NYC market, which is considered to be $3 to $10 million, partly due to the softening of the upper end of the market in recent months.

 

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