Articles on One57 Luxury Condos

Irish Buyers Invest in Midtown West Condos

Irish investors and buyers in Manhattan luxury real estateThey were here first: Brazil, Russia, India and China. As the American dollar fluctuates, investors from around the world are staking their claim in luxury Manhattan real estate while the exchange rates are ripe and the market is supple with new construction. Back in February, the New Construction Manhattan blog reported that wealthy foreign investors made up approximately 30% of all Manhattan condo buyers. And as the market swings into the second quarter of 2012, the New York Times recently reported that a fifth contender has been collectively and silently sweeping up luxury condos in Midtown West. Here’s a hint: Whether you are observing the view from across Fifth Avenue or the Celtic Sea, the deals that these investors are making will have you green with envy.

Wealthy Brazilians Moving to Manhattan in Greater Numbers Than Ever Before

Wealthy Brazilians are scooping up luxury apartments in New York CityThe BRIC economies (Brazil, Russia, India, and China) have been doing their part over the past few years to keep the Manhattan real estate market off the ground. Wealthy foreigners made up roughly 30% of all buyers of Manhattan condos in 2011. And with buildings like One57 in Midtown West that are being marketed towards the international community, this number shows no signs of decreasing in 2012. But while a Russian billionaire recently made headlines when he bought an $88 million condo in 15 Central Park West for his daughter, the New York Times recently wrote about how Brazilians have been much more quietly but no less dominantly infiltrating the Manhattan real estate market.

High End and Mid Priced Condos Doing Exceptional So Far in 2012

The early winter m15 Central Park West in Manhattanonths always come with a string of market analysis meant to gauge how Manhattan real estate trends will play out over the next year. We wrote earlier about overall trends experts predict will dominate headlines in 2012. Now the Real Deal has compiled the market trends that have been playing out since January, with commentary from industry players on how we can expect those trends to advance. Over the past month, ultra-luxury Manhattan condos have been doing as well as they did in 2011, while mid-priced condos in the $3 to $5 million range have shown marked improvement. Condos priced lower than that have been sluggish, suggesting that most people who want to buy prefer the extensive room and building amenities high-end apartments provide.

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.