Investing in New York City
One57 Takes Secrecy to a New Level
Last 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.
Although stories of this sale spread through news outlets like wildfire, a spokesperson for One57 immediately withdrew reports stating that the palatial penthouse had been sold. When pricey transactions like these occur, parties involved in the sale tend to sign non-disclosure agreements which counter them from sharing any information. While One57 may be stating the truth in saying the prime minister has not purchased property in the building, they may also be denying the news to ensure his safety.
One57 is New York City’s latest “It” building, so it comes without surprise that stories surrounding the monumental high-rise are making headlines. The reportedly purchased residence, a $100 million Midtown West condominium, comprises the top two floors of One57, and boasts some of the most high-end features ever seen in a Manhattan apartment. Along with five bedrooms, the 10,923-square-foot unit has four fireplaces, expansive floor-to-ceiling windows with motorized window shades, a large mezzanine, and a grand salon.
Back in May, a separate One57 condominium went into contract for somewhere between $90 to $100 million. The buyer has still remained a secret, and the building prides itself for having only a handful of people know who purchases property at the site. Since opening for sales in December, One57 has sold more than half of its 92 luxury condominiums, and disclosure of buyer identities is often associated with the fact that the majority of them are foreign. International clients differ from Americans in that they hide from the notoriety that big purchases bring them. As of now, it seems as though we won’t be certain about buyer’s identity until the summer of 2013, when closings of sales will finally wrap up.