Articles on One57 Luxury Condos

Value Psychology for the Poshly-Priced Apartment

Buyers are purchasing apartments in Manhattan at higher prices than ever beforeDrop the name “One57” and you’ll get a reaction--likely because the penthouse’s sale price of over $90 million broke the record set by Dmitry Rybolovlev at 15 Central Park West. For homes as unique as the penthouse of the media’s favorite residential building, it is difficult to determine how this near-billion-dollar value materialized. In the upper echelons of real estate, the difference between the digits in front of the zeroes quickly becomes blurred and less a matter of pricing and assessment than marketing and subjectivity.

Midtown West: Better Than The Rest?

Midtown West is growing in popularity

There are some blocks in New York City which are thought to be, quite simply, better than the rest. We’ve seen this phenomenon of sorts along locations like Central Park West, where the presence of 15 Central Park West has added an almost incomparable sheen to the Upper West Side neighborhood. It happens all the time downtown too, where real estate is more expensive than ever. But now, it is the Midtown West section of Manhattan that is getting its time in the sun, with the area becoming the location of choice for some of the most fascinating new developments in the city that are currently the talk of the town.

Manhattan Condos (And Their Prices) Get Sky High

Manhattan luxury condo prices are on the riseSales at One57 and 432 Park Avenue, amplified examples of a phenomenon, indicate that we are without a doubt, experiencing a residential real estate high. Extell Development's famed One57 sold a penthouse for a record-breaking $90 million, though the building now barely holds onto its "tallest residential tower" title in Manhattan. 432 Park Avenue, which will claim One57's short lived title, has submitted a plan to increase asking prices for its condominium units to $5,800 per square foot, but given the most recent examples, developers have no need to be cautious before instituting a double digit price increase three years before construction is complete. Manhattan condo prices continue to climb as steeply as the megastructures themselves, and even a $5,800 per square foot condominium will sell itself.

One57: “The Global Billionaires’ Club”

One57 attracts some of the worlds wealthiest

When a residential building has got the reputation of being the tallest of its kind in New York, one would imagine that the building would be content to rest on that title’s laurels alone. But that is hardly the case with One57, the 1,004-foot tower rising like a behemoth in Midtown Manhattan. With magnificently large, full-floor apartments offering residents 360-degree views that include the striking Empire State Building, the lush greenery of Central Park and the stunning Statue of Liberty, these ultra-luxury homes near the top of the building are now being known for attracting the richest from around the world.

The $90 Million Condo Age Emerges

A recent penthouse sale has topped $90 million in ManhattanCondo prices have been absolutely shooting through the roof in 2012. Recent notable sales include a $88 million penthouse at 15 Central Park West and a $90 million penthouse at One57 in Midtown. Brokers and experts are now rather confident that these immense sales have signalled a new trend of eagerness and activity in the market. Soon, Manhattan residents can expect to see sales of luxury condos easily soar to new heights in the $90 million range. The luxury property owner can rejoice as the age of the $90 million apartments may soon arrive in full.

One57 Takes Secrecy to a New Level

One57 in ManhattanLast week, newsfeeds were flooded with speculation that the $100 million NYC apartment sale barrier had been broken, as Manhattan real estate has yet to see a transaction like this occur. New Construction Manhattan has been forecasting the most expensive sale of a New York City residential unit to transpire at the yet-to-be finished One57, a new Manhattan condominium that has already accumulated hundreds of millions of dollars in apartment sales. Reports indicated Qatar’s powerful prime minister, Sheik Hamad bin Jassim bin Jaber al-Thani, would shell out $250 million to purchase the city’s most expensive penthouse, along with four separate full-floor condos in the 90-story building.

Once Again, One57 Raises the Bar

One57 has the most expensive sale of a residential unit in New York City historyIt was only a matter of time until the $100 million NYC apartment sale barrier was broken. As expected by New Construction Manhattan, the most expensive sale of a New York City residential unit in history has transpired at the yet-to-be finished One57, a new Manhattan condominium that has already accumulated hundreds of millions of dollars in apartment sales. Expected to shell out $250 million in total, Qatar’s powerful prime minister, Sheik Hamad bin Jassim bin Jaber al-Thani, is purchasing the city’s most expensive penthouse, along with four separate full-floor condos in the 90-story building.

One57 Penthouse Sale Breaks Records

One57 breaks residential sales recordThat didn't take long. It’s only been a few months since the $88 million transaction at 15 Central Park West, but a recently purchased property at Midtown West's One57 has already taken its place as the most expensive condominium sale in New York City. Initially listed at $98.5 million, the 10,923 square foot penthouse at the Manhattan high-rise was bought three months ago for more than $90 million, and news of the sale was kept under wraps until yesterday.

Columbus Circle Continues To Ascend To the Top

Condo sales in Columbus Circle are robustThere is perhaps no part of Manhattan that is more coveted than Columbus Circle. Downtown neighborhoods like Tribeca and Soho may have the highest average sales prices in Manhattan, but by any measure Columbus Circle, the small area consisting of a few square blocks on the southwestern corner of Central Park, holds its own against those popular areas. After all, anyplace where a penthouse can sell for $88 million – as a pied a terre, no less – must be doing something right. As we’ve written about previously, the most popular condos for sale in Columbus Circle make it clear that the ultra-lux sales market in Manhattan is as strong as it ever was. It’s hard to draw any other conclusion when a penthouse in one of the best newly constructed buildings Manhattan has ever seen is asking for $110 million, and we’d be willing to bet they’ll get it.

One57 Rising Above the Competition

One57 157 West 57th Street

In retrospect, One57’s introduction to the Manhattan luxury real estate world was no different than a young aristocratic woman’s entrance at her débutante ball. In both instances, the occasion marked the party’s admission as an established member of an elite community. While One57 in Midtown West isn’t formally expected to open until sometime in 2013, the 90-story mixed-use tower atop the future site of the Park Hyatt Hotel is already the name on everybody’s lips. Upon completion, One57 will boast over 135 residential units for sale and layout options ranging from one to six bedrooms. The flexibility offered at One57 will cater to the lifestyle of the most independent New Yorkers and to the needs of growing Manhattan families.