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Construction Tour: Central Park Tower
SEPTEMBER 17, 2019 | FIELD CONDITION

Architect: Adrian Smith + Gordon Gill Architects (Design Architect), Adamson Associates Architects (Architect of Record); Interiors: Rottet Studio; Structural Engineers: WSP; Construction Management: Lendlease; Developer: Extell Development Company; Equity Partners: Shanghai Municipal Investment; Program: Residential Condo, Retail; Location: Midtown, New York, NY; Completion: 2020















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Billionaires’ Row Condo Records 51% Resale Loss in Luxury Glut
Bloomberg Excerpt
Jan 8, 2021

A 58th-floor apartment at Manhattan’s One57 has traded at a 51% markdown, the biggest resale loss at the Billionaires’ Row tower that was a symbol of the borough’s luxury development boom.

The 4,483-square-foot (416-square-meter) condo sold for $16.75 million, according to city records made public this week. The seller purchased the unit from the developer in 2014 for $34 million.

The deal marks the biggest loss by an owner at the glass-sheathed tower on West 57th Street across from Carnegie Hall, according to data compiled by appraiser Miller Samuel Inc.

In 2020 alone, there were four other sales in the building in which the owner realized at least a 40% loss. Two of those deals occurred between a buyer and seller who were related, according to public records.

“It’s a pricing reset for this building,” said Jonathan Miller, president of Miller Samuel. “It shows that the market is continuing to adjust for these properties and it suggests that there’s potential for more.”

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TikTok bashes Billionaires’ Row apartment asking ‘just $22 million’
New York Post Excerpt
June 14, 2021

Luxury? More like lackluster.

This New York City apartment featured in a TikTok tour is receiving criticism on the social-media platform for being overly expensive, priced at “just $22 million.”

The apartment, located on the famed “Billionaires’ Row” at One57, appears in the video to be just like anything in the city: too small and overpriced.

Nicole Gary, a real estate agent, took to TikTok to show off the condo, giving a tour which included a look at a bedroom, kitchen and living room featuring floor-to-ceiling windows with a view of Central Park.

The minutelong video racked up more than 3 million views last week, and of the 10,000 comments, many were complaints.

More : TikTok bashes Billionaires’ Row apartment asking ‘just $22 million’
 

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Billionaires Can’t Get Enough of 220 Central Park South
Curbed Excerpt
July 27, 2021

The past few years were not very good ones for the ultra-high-end luxury market. Sales prices reached a frenzied peak around 2016, stalled out, and then started to slump. By the time the pandemic struck in March 2020, some owners seemed desperate to sell at any price: That year, four condos at Extell’s One57 tower sold for at least 40 percent less than what their owners had paid, according to Douglas Elliman. This January, a 58th-floor apartment there sold for $16.75 million; the seller had paid $34 million in 2014 and took a 51 percent loss.

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Half a decade ago, when it was new, One57, which started the super-tall-building craze just south of the park, had seemed like it might be the one to supplant 15 Central Park West in the status game: It set a local record when one of its penthouses sold for $100.47 million in 2015.

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Some of the resale discrepancies between the two buildings simply come down to age. One57 launched sales almost a decade ago. Long before resales started at 220 Central Park South this spring, One57 had been overshadowed by newer, taller towers along Billionaires’ Row, such as 432 Park Avenue, 111 West 57th, and Extell’s own Central Park Tower, which started closings in February. Things fall out of favor, things fall apart, the wealthiest buyers move on. This spring, the New York Times revealed that 432 Park was creaky and leaky, with elevators that kept breaking down. (This even as one seller there is hoping to nearly double his money with a $170 million listing that Miller called “the first sign of aspirational pricing in this market.”) Someday, inevitably, another building will outshine 220 Central Park South, but some buildings age better than others. “The cream holds up, and everything else doesn’t,” said Olshan. “It’s the oldest story in real estate.”

More : Billionaires Can’t Get Enough of 220 Central Park South
 

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August 24, 2021
Billionaires Row: What to know about NYC’s most expensive real estate
Crain's New York Business Excerpt

Manhattan has never lacked for expensive places to live, and in recent years, many of those homes have been concentrated in developments just below Central Park along a stretch of 57th Street, where the incredibly high prices and high-profile buyers have earned it the nickname Billionaires Row.

Amenities such as spas, wine cellars and libraries, along with the towers’ central location in Manhattan, have helped them attract famed residents including Dell Technologies founder Michael Dell and Pershing Square Capital Management CEO Bill Ackman. But in a city dealing with a longstanding affordable housing shortage and rampant income inequality, skyscrapers where units routinely sell for more than $20 million have faced plenty of criticism as well, ranging from the shadows they cast over Central Park to claims that they are designed more as investments for the wealthy than as homes for New Yorkers.

Here is a look at some of the street’s most well-known and newest projects:

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One57

Extell Development’s One57, located on West 57th Street between Sixth and Seventh avenues, is generally seen as the project that kickstarted Billionaires Row. The real estate firm, run by Gary Barnett, broke ground on the 1,004-foot project in 2009, when the Great Recession had stalled several other projects. Dell purchased a penthouse unit for more than $100 million in 2014, and a group controlled by Ackman bought a duplex penthouse in the project for $91.5 million in 2015.

More : Billionaires Row: What to know about NYC’s most expensive real estate
 
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