NEW YORK | 225 West 57th Street | 472m | 1550ft | 88 fl | Prep

[RobertWalpole]

Extell has the only new product to offer in the uber-luxury market. Hence, Barnett is eager to proceed with 225 W57th.

http://online.wsj.com/article/SB1000...NewsCollection

NY REAL ESTATE RESIDENTIALDECEMBER 30, 2011.Mere $110 Million
Penthouse Near Carnegie Hall Gets Ever-Higher Asking Price.

By JOSH BARBANEL



It may be the most expensive home listing ever in Manhattan: $110 million for a glass-walled penthouse overlooking Central Park on top of what will soon be the borough's tallest residential building.

The prize for that eye-popping price tag is a six-bedroom apartment covering 10,923 square feet at One57, a tower under construction by Extell Development Co., on West 57th Street opposite Carnegie Hall. The $110 million figure is nearly 12% above an earlier asking price for the unit, according to documents filed with the New York state attorney general.

The richer listing price is one result of a recent deal to sell the 20th-floor penthouse owned by Sanford I. Weill, the former chairman and chief executive and chairman of Citigroup Inc. The Weill apartment—at 15 Central Park West, a few blocks away from One57—went into contract for $88 million, a record.


Extell

One57 tower on West 57th Street
.Now some brokers say the Weill sale may give a jolt to an already strong high-end market. Extell is betting that other buyers are willing to pay many millions more than previously thought for a chance to live in the clouds above Central Park.

The One57 tower eventually will rise to more than 1,004 feet, including a curved, glass top covering a cooling tower, when the building opens in 2013. It would be the tallest residential development in New York, though even taller residential buildings have been proposed, but not yet begun.

Sales at the building are off to a fast start, according to brokers. While many buyers expect to negotiate discounts before they sign on the dotted line, One57 so far has held the line on asking prices, brokers said.

Elizabeth Sample, a broker at Sotheby's International Realty, said the showroom for the building had been flooded with multimillionaire and billionaire buyers. "It is insane in the showroom," she said. "We are doing two deals there," she said.

The highest known home sale in the U.S. was the $100 million paid by a Russian billionaire investor in social-media companies, Yuri Milner, earlier this year. He bought a 25,500-square-foot chateau-style mansion in Silicon Valley.

Though there have been higher listing prices for mansions, estates and ranches across the country, Zillow.com said that the highest current single family home listing in its national database is $90 million for a 35-foot-wide mansion at 4 E. 80th St. in Manhattan. A house in Lake Tahoe is now second with a listing price of $75 million, down from $100 million earlier in the year.

The penthouse listed for $110 million at One57 is on the top two floors of what will be a 90-story building. It has a 57-foot-wide, double-height "grand salon" facing Central Park.

The asking price on an even larger condo in the building on the 75th and 76th floors also has been raised, to $105 million. The duplex apartment has an additional two-story-high, 51-foot-wide glass-enclosed "winter garden" with a curved glass roof and optional pool. The unit is listed at 13,554 square feet.

Mr. Weill is in contract to sell his penthouse, plus wrap-around terrace, to the 22-year-old daughter of Dmitry Rybolovlev, a Russian billionaire, for the full $88 million asking price, according to a person familiar with the sale. The previous record sale was for a $53 million Upper East Side townhouse.

A few weeks ago, at about the time that word of a deal on the Weill apartment began circulating among brokers, Extell submitted a plan amendment raising prices across the board on its apartments in One57.

According to the documents, prices are now up a total of $77 million, or an average of 3.9%, since the One57 condo development plan was first submitted, with the largest increases on the most expensive condos. There are now four full-floor apartments priced at more than $50 million. Seven other lower full-floor units are listed for between $42.5 million and $48.5 million.

These apartments are about the same size as Mr. Weill's apartment, but are listed for a third to almost half as much. The penthouse at the top of the building is priced at $10,070 a square foot, compared with more than $13,000 a square foot for the Weill apartment.

The Fine Print
Details on One57 penthouse

New price: $110 million
Old price: $98.5 million
Square footage: 10,923
Floor location: 89th-90th
Price per square foot: $10,070
Number of bedrooms: 6
Number of bathrooms: 7 plus two powder rooms.
Length of central gallery: (for art collection) 60 feet
Size of grand salon: 1,500 square feet
Source: Extell
.Extell President Gary Barnett declined to discuss sales at the building, except to say that there was interest "across the board" in the building "from all over the world," including the U.S. He said that the Weill sale would bring world-wide attention to Manhattan real estate.

"I don't think one building makes the market, but it is a very good headline number. It has a good psychological effect on the market," he said. "I like it."

Wendy Maitland, a managing director at Town Residential, said the building "was an opportunity" for buyers, including investors, despite the hefty price tags, because there was nothing like it on the market at the moment. "It is a property that hasn't been seen on the gold coast of Central Park since 15 Central Park West sold out," she said.

Edward Mermelstein, a lawyer who works with wealthy clients from Russia and the former Soviet Union, said that many buyers were from Russia and China, and the idea of living atop the tallest Manhattan building had great appeal to them.

"They have deals from $6 million to more than $40 million," he said.

[Kanto]

For that money I would build my own skyscraper and not buy a small penthouse

[Hendycfc]

Originally Posted by Kanto

For that money I would build my own skyscraper and not buy a small penthouse

it certainly isn't small. my dream in life is too own a penthouse looking over central park. i aim to have it by the time i am 27

[Kanto]

Well, it isn't small when compared to flats or other penthouses but it's still far smaller than an entire 120 meter highrise building which could be built for such money

[Hendycfc]

Originally Posted by Kanto

Well, it isn't small when compared to flats or other penthouses but it's still far smaller than an entire 120 meter highrise building which could be built for such money

ahh but you don't get a view like that from a 120m tower. penthouses like this are all about the view.

[Kanto]

That's true, though I personaly wouldn't be willing to pay such tremendous money just for a view

[Hendycfc]

Originally Posted by Kanto

That's true, though I personaly wouldn't be willing to pay such tremendous money just for a view

a view of central park higher than most of the surrounding buildings. it would amazing! a dream! in a few years the $110 million penthouse on top of one57 will be mine

[kingsc]

just hope the russian billionaire, who already owns it, will sale it to you.

[600West218]

That article wouldn't seem to indicate a closure, unless they simply counted wrong. They said they have 12 stores and the new one will be the 13th store. If they closed the existing one simply to move it to the new location then they will still only have 12 stores, not 13.

I am thinking the article messed up and they are closing the old site, but it is 100% certain based on this.

EDIT:

WTF, where did the post I was responding to go?!?!?!

[DinoVabec]

You had a very happy New Year, didn't you Dan?

[JohnFlint1985]

Location is certainly the best this city has to offer so I think it has potential. The question is when?

[600West218]

Originally Posted by DinoVabec

You had a very happy New Year, didn't you Dan?

Actually I didn't. I swear not one drink

But Robert Walpole had a quote from an article about the supermarket moving...

Oh well, maybe next year I actually should drink

[JohnFlint1985]

Originally Posted by 600West218

Actually I didn't. I swear not one drink

But Robert Walpole had a quote from an article about the supermarket moving...

Oh well, maybe next year I actually should drink

[DinoVabec]

Meh, don't worry, I've seen posts magically disappearing before..Nothing new..

[Otie]

Originally Posted by 600West218

Oh well, maybe next year I actually should drink

May I recomend you a Bollinger Special Cuve?

[JohnFlint1985]

Originally Posted by Otie

May I recomend you a Bollinger Special Cuve?

Bolinger? Hm... living large is seems

[k25150]

Originally Posted by RobertWalpole

The Eurozone already is in recession. The US took a Keynsian approach to the 2008 downturn, and Europe took the opposite approach. The US fared much better, and this demonstrated the validity of Keyne's theories.

Nonetheless, if the Euro goes bust, the entire world will suffer a very serious recession. US Banks probably hold a lot of collateral default swaps and other financial instruments that will sustain huge losses if European countries default and European banks fail. Since the US and Europe are the developing world's primary markets, those countries (i.e., China, Brazil, etc.) will suffer too. No one is safe. The Euro was a very bad idea from the start.

The US fared better because of our (once) more free capitalistic economic system as compared to Europe. The machine was producing. The government played the biggest role in the downturn. How can you say the Keynsian approach benefited the US? Where is the proof that stimulus and QE 1 and 2, etc and govt bailouts did a damn thing but make a few connected people wealthy. Europe is worse off because the socialists ran out of other people's money to spend. It would be much, much worse over there if we didn't defend them. Their lack of defense budgets gave them extra cash to blow on bullshit social programs that kept the masses happy, calm and equal and allowed the powers to live like American capitalists.

All of the developing nations are following the American model and they are finding success. They certainly aren't modeling their system after Spain or Greece, you know the Keynsian method.

There is greed and corruption in both the free market and government. But it was government policies, namely the ridiculous housing act that government literally forced upon the banks to make loans to people with no job or no income verification, etc. All to make it "fair" and to buy those bastards votes. Not to mention the monkey business at the SEC. It's all about power and nothing about principle or the health of the nation. As long as Ivy League professors think you're cool and the leftist crooks in government and the liars in media invite you to their cocktail parties then that's all that matters. Go along to get along right? Go along to get you pockets stuffed while your nation that gives you so many benefits is tanking!

Government became and industry. It became a place to get wealthy. A free ride. That is not what government is supposed to be. It's over-regulating, over-stepping and inefficiencies only benefit the thugs in power and the public unions while everyone else loses more and more liberty everyday and sees the county fall deeper and deeper in decline. Allow the free market to actually be free with minimal and common sensical regulations, lower the corp tax rate be or get rid of it altogether, eliminate corporations' oversees earnings from being taxed when it comes back to the US, add tariffs to imports especially from China, expand our natural resource drilling operations (we have more than anyone and the whole Green lie is a power and money grab and nothing else at this point. Green energy is not feasible now and won't be for another 20 years) and watch the economy grow at 10%. Give me a break with the Keynsian crap.

[yankeesfan1000]

Damn, I came into this thread hoping for some news on 225 W 57th, and instead I got that.

[600West218]

That discussion should be in the sky bar.

Went by the site yesterday. The grocery store is open as usual and that building is not demolished. But on the rest of the site the demolition looks complete.

How much bigger is this lot than the one for tower going up oppososite Carnegie Hall

[Uaarkson]

Originally Posted by k25150

The US fared better because of our (once) more free capitalistic economic system as compared to Europe. The machine was producing. The government played the biggest role in the downturn. How can you say the Keynsian approach benefited the US? Where is the proof that stimulus and QE 1 and 2, etc and govt bailouts did a damn thing but make a few connected people wealthy. Europe is worse off because the socialists ran out of other people's money to spend. It would be much, much worse over there if we didn't defend them. Their lack of defense budgets gave them extra cash to blow on bullshit social programs that kept the masses happy, calm and equal and allowed the powers to live like American capitalists.

All of the developing nations are following the American model and they are finding success. They certainly aren't modeling their system after Spain or Greece, you know the Keynsian method.

There is greed and corruption in both the free market and government. But it was government policies, namely the ridiculous housing act that government literally forced upon the banks to make loans to people with no job or no income verification, etc. All to make it "fair" and to buy those bastards votes. Not to mention the monkey business at the SEC. It's all about power and nothing about principle or the health of the nation. As long as Ivy League professors think you're cool and the leftist crooks in government and the liars in media invite you to their cocktail parties then that's all that matters. Go along to get along right? Go along to get you pockets stuffed while your nation that gives you so many benefits is tanking!

Government became and industry. It became a place to get wealthy. A free ride. That is not what government is supposed to be. It's over-regulating, over-stepping and inefficiencies only benefit the thugs in power and the public unions while everyone else loses more and more liberty everyday and sees the county fall deeper and deeper in decline. Allow the free market to actually be free with minimal and common sensical regulations, lower the corp tax rate be or get rid of it altogether, eliminate corporations' oversees earnings from being taxed when it comes back to the US, add tariffs to imports especially from China, expand our natural resource drilling operations (we have more than anyone and the whole Green lie is a power and money grab and nothing else at this point. Green energy is not feasible now and won't be for another 20 years) and watch the economy grow at 10%. Give me a break with the Keynsian crap.

This post has the highest density of fallacies I've ever seen on this website. Talk about brainwashed.

Oh well, my jimmies remain unrustled.