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Old December 7th, 2011, 09:24 PM   #2441
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90 stories
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Old December 8th, 2011, 12:03 AM   #2442
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Quote:
Originally Posted by 600West218 View Post
video on this project today on MarketWatch:

http://www.marketwatch.com/video/ass...F-1322FD095B3A
these two guys are very tired
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Old December 8th, 2011, 12:06 AM   #2443
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Amazing renders. Does the render woman come with the suite?
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Old December 8th, 2011, 12:14 AM   #2444
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If you want to purchase a woman, I'm sure there's some mail order web sites available for you somewhere.
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Old December 8th, 2011, 12:43 AM   #2445
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These last few pages are pure awesomeness..
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Old December 8th, 2011, 12:46 AM   #2446
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Amazing renders. Does the render woman come with the suite?
A real one is given as complementary. Careful, warranty not included, replacement not aviable.
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Old December 8th, 2011, 12:46 AM   #2447
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Amazing renders. Does the render woman come with the suite?
Oddly enough she comes standard in each and every unit.
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Old December 8th, 2011, 01:01 AM   #2448
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REAL ESTATE DECEMBER 7, 2011 Developer Courts the Global Elite Article Video Interactive Graphics Stock Quotes Comments (20) more in Real Estate Main | Find New $LINKTEXTFIND$ »Email Print Save ↓ More
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By CRAIG KARMIN
With stock markets churning and the economy questionable, New York developer Gary Barnett has picked a strange time to erect Manhattan's tallest residential building, one featuring a five-star hotel and with top-floor penthouses available for nearly $100 million apiece.

The $1.4 billion project, across from Carnegie Hall, already is about 50 floors above ground. When completed in 2013, the 90-floor property known as One57 will tower over Central Park at more than 1,000 feet. Mr. Barnett convinced two of Abu Dhabi's wealthiest investment funds to back the project, while his company, Extell Development Co., is putting in less than 10% of the roughly $700 million in equity.

Mr. Barnett and his partners are among a small band of developers borrowing heavily and rolling the dice on a highly select clientele: the global elite who float above the economic malaise.


WSJ's Craig Karmin has the story of New York City newest residential skyscraper, where penthouse apartments will go for nearly $100 million apiece. Photo: Ramsay de Give for The Wall Street Journal
While a hallmark of the economic downturn has been the collapse of the housing market, the extreme top of residential markets in New York, London, Hong Kong and other select cities has been resilient.

Mr. Barnett says the number of billionaire and multimillionaire investors in the world has never been greater. In addition to Russians and Western Europeans, he says, "you're seeing Latin Americans in a big way. You're seeing Chinese in a big way. You're seeing the return of the Middle Eastern buyer."

Thanks to this demand, the ultraluxury market in select cities is looking healthier than practically any other corner of the housing market.

Tower of Luxury
View Interactive
Through November, buyers in Manhattan signed 529 contracts for apartments priced at $4 million or more, the fastest pace since 2007, according to the Olshan Luxury Report, which tracks high-end residential sales.

In March, Russian pop-music composer Igor Krutoy paid the highest price ever for a New York condo, shelling out $48 million for 6,000 square feet of space in the Plaza hotel with a sweeping view of Central Park.

In London, the trend looks much the same. Annual price growth for all London apartments was under 14% this year but was up 24% for properties over £10 million ($15.6 million), according to broker Savills.

After an initial slump, sales have been so brisk at London's One Hyde Park that the developer has paid off its £1.15 billion construction loan. More than 60 of its 80 units have been purchased, with many of the buyers from the Middle East, Eastern Europe and Asia.

The rise of an affluent class in the developing world is driving much of the action. China has 5,400 individuals who are worth at least $50 million, which ranks it above every country but the U.S., according to the Global Wealth Report from Credit Suisse. Russia, Brazil and India each have more than 1,500 of these so-called ultrahigh-net-worth individuals.

Besides offering status, luxury condos are viewed as a way to preserve capital when financial markets offer poor returns or when there is concern, as in the Middle East, about government stability. In most downturns, luxury property holds its value better than the market as a whole.

Still, Mr. Barnett's wager has plenty of risk. A dive by the U.S. economy or a deepening of the European debt crisis would crush financial markets, reducing the ranks of the wealthy. Wall Street firms already have begun eliminating thousands of positions.

Other New York condo projects that targeted the upper crust have cratered because of poor timing. In the early 1990s, developer Bruce Eichner turned over to creditors a soaring 73-story tower that was packed with amenities and also aimed squarely at international buyers. It was located just one block away from Mr. Barnett's project.

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Buyers from the Middle East, Eastern Europe and Asia have purchased units at London's One Hyde Park.
"Everyone is affected by a recession," Mr. Barnett says. "If the stock market tanks, it will affect my business. If it's down 20%, a billionaire is not in the mood to spend $20 million."

Extell and its partners could get stuck with a shimmering building full of unsold condos and a limited income stream to pay off massive debt.

Most of that pain would be borne by the Abu Dhabi funds, which have put in about $650 million of the project's equity. Extell has put up $50 million, though it could get a bigger piece of the profits if sales go well. The Abu Dhabi partners also have guaranteed to buy back the loan if sales targets aren't reached.

Extell isn't the only condo developer courting these buyers. Los Angeles-based CIM Group and developer Harry Macklowe are planning a 1,300-foot condominium on Park Avenue. Still, Mr. Macklowe has acknowledged that he and his partner are at least two years behind Extell. With his head start, Mr. Barnett says within a week of opening his salesroom last month, he had two signed contracts for $45 million condos.

For all his time courting the world's elite, Mr. Barnett has shown scant interest in joining their club. He considered taking a penthouse apartment at his luxury building on Manhattan's West End Avenue earlier this year. But he and his wife decided to stay in their Queens home where they live with five of their 10 children.

Mr. Barnett began assembling what would become One57 in 1998, when he bought a building on West 57th Street. At first, he planned a 40-story condo building that he projected to cost $300 million. But as adjacent properties became available he snapped them up. In all, he completed 20 transactions around the site.

About four years ago, he was introduced through a mutual friend to Khadem Al Qubaisi, a top executive of two major Abu Dhabi government investment funds: Aabar Investments and Tasameem. Aabar, which is a major shareholder in Mercedes and has large stakes in banking and aviation companies, had never previously invested in real estate outside of Abu Dhabi.

In early 2009, with the markets in turmoil, Mr. Barnett needed more equity to keep the project going. "I had to put more in myself, but I didn't have it," he says. He met Mr. Al Qubaisi in London and requested additional funds. He left with a commitment for about $250 million more. "There will be buyers," Mr. Barnett says Mr. Al Qubaisi told him.

Aabar also helped negotiate a $700 million financing, which is coming from a syndicate led by Bank of America Corp, and Banco Santander.

It is one of the largest construction loans made since the downturn. A partnership led by Hyatt Hotels Corp. will pay off $375 million of that debt when its Park Hyatt opens at the base of the building in about two years.

Designed by French architect Christian de Portzamparc, One57's 95 condos for sale have a combined price tag of $2 billion, or an average per unit of more than $21 million, which would match Manhattan's 15 Central Park West as the most expensive building ever sold.

Write to Craig Karmin at [email protected]
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Old December 8th, 2011, 01:12 AM   #2449
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Wait, why is it 90 floors? Did the height change too?
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Old December 8th, 2011, 01:23 AM   #2450
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Like I said earlier, let's all chip in some money and buy it together
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Old December 8th, 2011, 01:24 AM   #2451
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Quote:
Originally Posted by NYBOY1975
Wonder if I will see this tower from the Rockaways?
I guess you live in the Rockaways. Midtown Manhattan can be seen clearly, but Im not sure if this twer will be recognizable. I can barely make up ome ofthe towers
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Old December 8th, 2011, 01:37 AM   #2452
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Wait, why is it 90 floors? Did the height change too?
It's always been 90 floors, which is why the topic title has always perplexed me.

Every article about the penthouses refers to them as being on the "75th & 90th floors."
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Old December 8th, 2011, 02:31 AM   #2453
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Oh. I guess the 75th floor is where you get the biggest setback, forming a sort-of penthouse in that tube of the building.
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Old December 8th, 2011, 02:48 AM   #2454
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Interesting how little money Bartlett is putting up. And interesting that the people risking much more than he are letting him get an outsized portion.

This is a huge gamble. If the central banks inflate both the US and European economies this project will do well.

If we have another full recession with deflation, and especially deflation in commodities such as oil, this project could totally tank.

Stuff like this makes the gambling that goes on in Vegas look like childs play.
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Old December 8th, 2011, 05:54 AM   #2455
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This tower only has 75 floors, but is said to have 90 floors for marketing purposes. 75 isn't as impressive as 90. Building developers play with the numbers all the time. This building could comfortably fit 90 floors, although it doesn't, but it's said to have 90 floors anyway. Hope I could clear some stuff up.
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Old December 8th, 2011, 08:48 AM   #2456
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Quote:
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I heard that you could run and throw yourself at the glass windows in skyscrapers like this and they wouldn't break but I don't know if thats true or not.
A man die once trying to prove that it was true. He went right through the window.
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Old December 8th, 2011, 12:55 PM   #2457
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I wonder how this one will be lit, it cant have a fancy lighting since its a residential tower.
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Old December 8th, 2011, 01:33 PM   #2458
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Quote:
Originally Posted by PDC1987 View Post
It's always been 90 floors, which is why the topic title has always perplexed me.

Every article about the penthouses refers to them as being on the "75th & 90th floors."
confusion all over.

50 floors should mean that it is at 2/3 now, roughly 200 meter?

Quote:
already is about 50 floors above ground. When completed in 2013, the 90-floor property known as One57 will tower over Central Park at more than 1,000 feet.
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Old December 8th, 2011, 02:02 PM   #2459
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it doesn't actually have 90 floors, it's just like how they call 1WTC 105 floors when it's actually like 92, this building has 75, "90" is just for show
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Old December 8th, 2011, 02:19 PM   #2460
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I don´t like the skipping floors thing
Anyway, here is one more render from one57.com
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