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Old December 30th, 2011, 12:41 PM   #2621
Valkyre
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Originally Posted by DinoVabec View Post
People keep saying that Rockeffeler Center's view will be ruined because of projects like One57 and Tower Verre.

Personnaly I dissagree. Especially One57 is going to make the view from the top of the rock just plain AWESOME.

Now Tower Verre, ok I can partly understand it, but still we have to see how it looks in real life, not just some poor render. Besides the central park is huge and these towers will never be able to overshadow it. Especially considering how "thin" Tower Verre is.
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Old December 30th, 2011, 01:40 PM   #2622
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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.


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.

Last edited by RobertWalpole; December 30th, 2011 at 02:21 PM.
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Old December 30th, 2011, 03:01 PM   #2623
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Omg, it really hit the $100m mark. Well, I'm sure there's an oligarch or two who can afford this, it's peanuts for those people anyway.
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Old December 30th, 2011, 03:04 PM   #2624
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Just shows how confident the guys from Extell are.

ANyway, this one won't be the tallest residential in NY for long.
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Old December 30th, 2011, 04:22 PM   #2625
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The best thing about this news is what it means for Extell's project a few sites to the west at 225 W57th. It's a larger, more regularly-shaped site and will yield a stunning 300m+ tower.
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Old December 30th, 2011, 05:06 PM   #2626
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What's the cost of construction? If anyone remembers..I remember we were talkin' about it some time ago..
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Old December 30th, 2011, 06:34 PM   #2627
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Well, I dunno what's the cost but I guess it might be arround a half billion since it's a classic concrete building (not super strong like the new WTC) and since the taller and more massive Trump Tower Chicago costed 847 millions, but as i said, this is just a guess
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Old December 30th, 2011, 06:47 PM   #2628
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Found it..$1.4 billion..
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Old December 30th, 2011, 06:55 PM   #2629
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That's quite a bit more than I expected. I wonder what was so expensive in it's construction?
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Old December 30th, 2011, 07:20 PM   #2630
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Quote:
Originally Posted by Kanto View Post
That's quite a bit more than I expected. I wonder what was so expensive in it's construction?
Nothing special..There's no rule of prices in construction..Everything depends of the size, location, materials, transport of materials which is connected with location, number of workers, the size of works which has to be done and much much other things..And of course the quantity and quality of those..If they build it ahead of deadline, they can get a reward..If they're late, they have to pay penalties which again depends on how much they're late, the size, etc..There's hundreds of reasons..And of course, the time when building is being built..Prices are not the same in recession and depression or when everything is ok..
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Last edited by DinoVabec; December 30th, 2011 at 07:28 PM.
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Old December 30th, 2011, 07:24 PM   #2631
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Quote:
Originally Posted by Kanto View Post
That's quite a bit more than I expected. I wonder what was so expensive in it's construction?
Higher labor costs, taxes, and land. Also tight regulations regarding construction increases the time to build in NY.
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Old December 30th, 2011, 09:26 PM   #2632
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Higher labor costs, taxes, and land. Also tight regulations regarding construction increases the time to build in NY.
Leaving out the biggest factor. In NYC all concrete is controlled by the mafia which makes it extremely expensive.
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Old December 30th, 2011, 09:27 PM   #2633
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Thank you for your answers Dino, Spectre and 600West

Btw, the mafia controls all concrete? I always thought prestigeous cities like NYC were, even if not clean, at least cleaner than other cities. Well, looks like crime has its place truly everywhere
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Old December 30th, 2011, 10:59 PM   #2634
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Leaving out the biggest factor. In NYC all concrete is controlled by the mafia which makes it extremely expensive.
I wasn't aware of that. But after doing a bit of web-searching.... very interesting.
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Old December 30th, 2011, 11:17 PM   #2635
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Quote:
Originally Posted by DinoVabec View Post
Nothing special..There's no rule of prices in construction..Everything depends of the size, location, materials, transport of materials which is connected with location, number of workers, the size of works which has to be done and much much other things..And of course the quantity and quality of those..If they build it ahead of deadline, they can get a reward..If they're late, they have to pay penalties which again depends on how much they're late, the size, etc..There's hundreds of reasons..And of course, the time when building is being built..Prices are not the same in recession and depression or when everything is ok..

all true.

and


a lot of the major premiums you see today are insurance costs and how safety has affected the industry.

While it is a good thing that everyone gets to go home in one piece every day, all the additional procedures and people create additional costs on their own and decrease the overall productivity rate. double dip if you will.

also, the requirements in the past 10 years for engineering have grown. not too long ago, contractors did not have to provide stamped engineering documents for every little thing they did, from corrective work, to shoring, safety, crane work, etc.

its really complex nowadays, especially in the city
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Old December 30th, 2011, 11:18 PM   #2636
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Originally Posted by 600West218 View Post
Leaving out the biggest factor. In NYC all concrete is controlled by the mafia which makes it extremely expensive.
not as much nowadays. but yes, there is still corruption.

and there are still an abundance of no work jobs that are required by union agreements.

*cough* operating engineers *cough*
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Old December 30th, 2011, 11:34 PM   #2637
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Construction, like everything else, is very expensive. How much did the similarly-sized Shard cost in London? Probably about the same amount.
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Old December 31st, 2011, 08:17 PM   #2638
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Quote:
Originally Posted by RobertWalpole View Post
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.


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.
I bet the prices on the penthouse will go more up.
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Last edited by JohnFlint1985; January 2nd, 2012 at 05:56 AM.
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Old January 1st, 2012, 09:01 PM   #2639
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01 January 2012
image hosted on flickr

by uiu_wiru
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Old January 2nd, 2012, 05:55 AM   #2640
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First close-up pictures of the new year that I found on wirednewyork.com/.
They must've been taken around sunset, with half moon on last pic.
Just noticed that the North side cladding doesn't seem to have the striking random color pattern of the rest.

01/01/2012 by denkmanttlb:

image hosted on flickr


image hosted on flickr


image hosted on flickr


image hosted on flickr


image hosted on flickr
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Last edited by Dan Hochhaus; January 2nd, 2012 at 06:01 AM.
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