One57, the famed Manhattan luxury tower located at 157 W. 57th Street, developed by Extell Development Company, continues to have ample inventory from which buyers can choose. With more than 6 years after pre-construction sales began and more than 3 years after initial closings began, One57 still has a sales office marketing available sponsor units.
Mega Luxury Market Slow Down is Resulting in More Available Inventory
In the past year there has been ample concern about the softening of the mega luxury market. While One57 was one of the first of its kind, it surely was not the last. When the market slowdown took shape in 2009, developers paused projects, only to rekindle them several years later and aim straight for the mega luxury market. With competing projects like 432 Park and 56 Leonard also offering apartments in the $10,000,000 and up range, it comes to no surprise that the limited buyer pool who who can make these purchases has the opportunity to be very selective. For the super high end NYC real estate developments, absorption of available units has slowed to a simmer. With units staying on the market for many months, it may also be the perfect opportunity for a would-be buyer to scoop up a deal.
One57 Rental Plan Scrapped
Early into the sales life cycle for One57, Extell Development decided it would pursue a rental strategy, whereby 38 unsold units would be rented out. This initial plan was a key indication of the softening market that the developer saw coming, so instead of having available apartments sitting empty at One57 or having to drop the price significantly, the developer would rent units out and wait for the right time to trickle them onto the market.
In the beginning of 2016, Extell decided to scrap this plan altogether and agreed to release and market all these units. While the developer had been right in their concern for where prices stood in the mega luxury real estate market, the market clearly had not soured to the extent that they had feared. Some of these apartments are currently being marketed as brand new fully-furnished pied-a-terres.
Current Availability at One57
Current Sales Listings:
26 Active Sales going at an average of $5,207 per square foot and averaging $13,400,000 in sales price.
Prior Recorded Sales:
69 Previous Sales going at an average of $6,150 per square foot and averaging $19,500,000 in sales price.
Cheapest Available Residence:
32D - 1 Bedroom / 1.5 Bath - 1,021 Square Feet - $4,100,000
Most Expensive Available Residence:
77A - 4 Bedroom / 4.5 Bath - 6,240 Square Feet - $52,000,000
As you can see from the averages from prior sales versus current sales, there is nearly a 15% discount to be had on the prices per square foot. The current marketed prices also still have opportunity for negotiation.
Buyers at One57
One57 attracts the most accomplished individuals from across the world. As one of the first towers to make up New York City’s famed Billionaire’s Row, this development is home to the likes of Wall Street tycoons like Bill Ackman all the way to discrete foreign buyers who use One57 as a one-of-a-kind pied-a-terre.
Interested in learning more about this luxurious full-service building just steps from Central Park?
We have more information on One57 availability here.
As luxury brokers with experience with both domestic and foreign buyers, we have negotiated millions of dollars in discounts.
New development in New York City continues to be an attractive option for buyers. As both an investment opportunity and a safe haven for assets, New York City will continue to have a liquid luxury real estate market.
