Articles on Central Park South Condos

High-End Manhattan Apartments Selling Like Crazy

High-end apartments in popular Manhattan neighborhoods near Central Park are altering the way people look at how much it should cost to live here.The Manhattan sales market for residential apartments is split along price lines like never before. And even though that doesn’t sound like good news, it is. While the middle of the market is still recovering and has little inventory, the low-end of the market is thriving and the high-end is out of control in the best way. Want proof? A penthouse with Central Park views in a great Upper East Side pre-war co-op sold for $21 million last week, and no one noticed. It barely registered as news. This goes to show just how commonplace such sales have become, and how the highest sectors of the market have irreversibly shifted expectations toward the extravagant. $14 million for a townhouse here, $18 million for a 3-bedroom here; no big deal. Show people something north of $50 million and then they might be impressed. And it’s not just perception either; recent stats confirm that these numbers are now par for the course.

Just Like the Building, Marketing for One57 Is Larger Than Life

One57, a new luxury condo tower in Manhattan's Central Park South neighborhoodExtell Developers knows that, with a massive project like One57, every last detail must exceed buyers expectations, which is why they’re sparing no expense in marketing a building that almost markets itself. Building a massively expensive 90-story condo tower during a time of deep economic uncertainty, even when the Manhattan condo market is strong and luxury condos are scarce, is a big risk for Extell, and they know it. A flood of hype has accompanied One57, but nothing is guaranteed, especially because One57 is still in the early stages of construction and isn’t due to open until 2013. Selling condos in yet-to-be-built buildings always requires an aggressive sales strategy, so with the global economy in a state of temporary equilibrium and foreign buyers itchy to purchase luxury apartments in Manhattan, Extell is pulling out all the stops in marketing One57. This innovative building now has an innovative marketing strategy to boot, and so far it’s appears to be paying dividends: According to Gary Barnett, the owner of Extell, 30% of the units in One57 are either in contract or have a contract out.