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Old December 9th, 2011, 04:28 AM   #141
RobertWalpole
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These photos depict the site on 8 Dec 2011. They show how close this tower will be to One 57.

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Old December 12th, 2011, 04:29 PM   #142
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The demand for these units is VERY strong, and as set forth below, the developer of this site and One 57 is bullish.

http://www.crainsnewyork.com/article...312119975/1033

New luxury home hard to come by, but easy to sell
Three years into real estate market recovery, pricey units finally catch fire.

By Amanda Fung @amandafung

December 11, 2011 5:59 a.m.

In June, all seven of the full-floor residences at the 10-story luxury condominium at 41 Bond St., in NoHo, sold out in less than a month at prices ranging from $5.2 million to $8.3 million.

“It was a quick process,” said Joseph McMillan, chief executive of DDG Partners, 41 Bond's developer. “There wasn't a lot of competitive product in the market.”

And so it goes around Manhattan. A dearth of new construction in the wake of the crash has led this year to a shortage of high-end apartments for sale—and a strong rebound in prices. The revival of the residential real estate market that began almost two years ago at the lower end of the market, has finally hit the top of the market, as wealthy local buyers and foreign investors alike have gobbled up pricey pads.

Old plans reborn
In response, developers are dusting off plans for some big new luxury projects. However, most remain years away from building, further adding to the frenzy of today's buyers.

“A lot of people didn't know where to put their money this year, the stock market was so volatile,” said Dottie Herman, chief executive of Prudential Douglas Elliman. “So they put it in New York real estate.”

As of Dec. 7, 540 units priced $4 million and up were in contract in Manhattan, according to the Olshan Luxury Report. That is more than in all of 2010, when there were 486 such deals, but still far below the peak figure of 644 set in 2007.

The combination of strong demand and limited supply has pushed the price of luxury apartments, defined as the top 10% of the all condo and co-op deals, up 9% over the last year to an average of $2,074 per square foot, according to Jonathan Miller, chief executive of appraisal firm Miller Samuel Inc. He noted, however, that top-end prices are also 19% below their peaks. Nonetheless, that latest increase is well above the 3% rise to $1,130 per square foot for the Manhattan market as a whole.

More room to rise
SOLD
540 UNITS priced at $4m and up now in contract “We will continue to see upward pressure on prices because of limited choices,” said Kelly Mack, president at Corcoran Sunshine Marketing Group. “High-end buyers are frustrated.”

According to Corcoran Sunshine, a mere 377 newly minted units priced above $1,500 per square foot were put up for sale this year. Over the next three years, that figure is expected to rise to an annual average of 712 units, but that, too, is still far below prerecession levels. Today's buyers, though, have more limited appetites and are pickier than their predecessors.

“Back in the boom days, people would buy anything,” said Kirk Henckels, executive vice president and director of Stribling Private Brokerage. “Today, they are not buying unless it's first-rate.”

That's what happened at Toll Brothers' The Touraine, a 22-unit Upper East Side luxury condo. There, all but four apartments are in contract in the building—not scheduled for completion until the end of 2012—and despite Toll having raised prices every week since launching sales in October.

Similarly, at Rudin Management's new 42-unit prewar-style luxury condo at West 12th Street, more than half of its apartments are in contract after just a month of its sales office opening.

“The demand is unprecedented,” said Steve Rutter, an executive vice president at Stribling Marketing Associates, the exclusive sales and marketing brokerage for the Rudin project.

One of the earlier benefactors of the strong demand for high-end apartments is The Laureate, the 20-story Beaux-Arts condo tower on the Upper West Side, which launched sales in March. It is now 85% sold, with an average price of $6.5 million.

That's good news for Gary Barnett, head of Extell Development Co. He has just launched sales for his $1.4 billion luxury tower One57, now 50 stories tall and rising across the street from Carnegie Hall in midtown.

Last week, its 95 spacious units, which will sit atop a Park Hyatt hotel on the lower floors, went on the market. The penthouse is expected to fetch $100 million. Already, an undisclosed number of contracts are signed, but closings won't begin until mid-2013, according to Mr. Barnett.

“There is tremendous pent-up demand,” said Mr. Barnett. “Everyone is hungry for product.”
A version of this article appeared in the December 12, 2011 print issue of Crain's New York Business.



Read more: http://www.crainsnewyork.com/article...#ixzz1gKYcijrq
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Old December 12th, 2011, 04:50 PM   #143
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Awesomeee. I remember reading somewhere that within 24 hours of opening sales, One57 had already closed a $30M+ unit. Not too bad.

IF this follows the same time line as One57 we should see construction next year, you think that's fair RW?
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Old December 12th, 2011, 05:08 PM   #144
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Awesomeee. I remember reading somewhere that within 24 hours of opening sales, One57 had already closed a $30M+ unit. Not too bad.

IF this follows the same time line as One57 we should see construction next year, you think that's fair RW?
Yes.
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Old December 29th, 2011, 02:17 PM   #145
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It seems that the last tenant in 225 W57th is leaving!

Morton Williams Gourmet Store to open in Manhattan

CHAINSTOREAGE.com
DECEMBER 12, 2011

New York City -- The Feil Organization announced a lease has been signed with Morton Williams for a gourmet specialty food store at 140 West 57th Street in Manhattan.

Morton Williams will occupy three levels totaling 14,984 sq. ft. at the Landmark office building. The New York-based grocer operates 12 stores in New York City, Westchester and New Jersey. The 57th Street location will be the company's thirteenth store.
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Old December 30th, 2011, 01:41 PM   #146
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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.
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Old December 30th, 2011, 03:28 PM   #147
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For that money I would build my own skyscraper and not buy a small penthouse
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Old December 30th, 2011, 05:57 PM   #148
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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
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Old December 30th, 2011, 06:19 PM   #149
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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
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Old December 31st, 2011, 07:56 PM   #150
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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.
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Old December 31st, 2011, 08:16 PM   #151
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That's true, though I personaly wouldn't be willing to pay such tremendous money just for a view
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Old December 31st, 2011, 08:40 PM   #152
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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
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Old December 31st, 2011, 09:35 PM   #153
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just hope the russian billionaire, who already owns it, will sale it to you.
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Old December 31st, 2011, 11:53 PM   #154
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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?!?!?!
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Old January 1st, 2012, 02:45 PM   #155
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You had a very happy New Year, didn't you Dan?
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Old January 2nd, 2012, 12:36 AM   #156
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Location is certainly the best this city has to offer so I think it has potential. The question is when?
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Old January 2nd, 2012, 12:55 AM   #157
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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
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Old January 3rd, 2012, 04:35 AM   #158
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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
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Old January 3rd, 2012, 05:50 PM   #159
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Meh, don't worry, I've seen posts magically disappearing before..Nothing new..
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Old January 3rd, 2012, 07:12 PM   #160
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Oh well, maybe next year I actually should drink
May I recomend you a Bollinger Special Cuve?
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