One57 where a record $100mm sale has set a new benchmark for residential real estate
The NYDN is reporting that several of the most expensive apartments in Manhattan are cutting their prices including a penthouse in Tribeca where the price is being slashed from $40mm to under $30mm for a 7000+/- space. At the same time, while other units incuding one at The Pierre are also slashing their prices, other developers are taking aim at the $100mm record set this year by the sale of an apartment at One57 on Billionaire’s Row.
Those developers inlcude 550 Madison aka the Sony building condo conversion where an apartment will reportedly ask $150mm, 520 Park avenue which will have a penthouse asking $130mm and 220 CPS where its’ top asking price is rumored to be $175mm!
From the same team that brought 15 CPW comes this 54 story building with ony 31 units. Zeckendorf development together with the starchitect of starchitects, Robert A.M. Stern bring this 54 story limestone building to life on Park avenue. Well, the building is on the side street but the address thanks to air rights bought from the church gained the address 520 Park avenue.
View from the 54 story limestone condo on the Upper East side
Prices start around $16mm for one floor and duplexes around $67mm according the CurbedNY. The penthouse is set to ask a cool $130mm. The building is trying to recreate the success the developer and architect had at 15 CPW which recorded sales over $2 billion and started this whole new construction with prewar exteriors.
Bathing in the sky
The amenities are not that different than 432 Park avenue with a fitness center, garden, lap pool…
Sales are supposed to start this year. It will be interested to see if this building can recreate the success of 15 CPW. That was a different market and 2015 will be the year with much more competition for new luxury developments in Manhattan. 6500 units altogether are set to come to the market in all price points.
As buyers the world over continue to park their money in Manhattan real estate, towers in Midtown continue to rise. One57, the first to rise on what is now known as Billionaires Row is now competiting with several other luxury condos including 432 Park avenue (Macklowe Properties), 520 Park avenue(Zeckendorf), 220 CPS(Vornado), 252 East 57 street(Worldwide Group), the Nordstrom tower on West 57 street and the “skinny” tower at 111 West 57 street. Continue reading Midtown Manhattan towers rise→
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker
